A few would consider that time is just ripe to get the home equity loans refinanced. Mortgage rates are standing at 5 percent and there can’t be better news for those who have a home equity loan on hand. Homeowners shall look to get the flexible rates readjusted into a fixed rate scheme. This then would become their best chance of redeeming points from their home equity loan. Any refinancing scheme would insure them against a future volatility of interest rates as such schemes will be offered at a fixed rate.
Yes, in these times, it would still depend upon the credit scores of people applying for refinancing schemes. Now, the country is gripped with fever of re-adjusting the home equity loan equation but then by now most of the credit reports are already damaged and global liquidity crunch has set its sword against us; so in a way, the bait of 5 percent interest rate looks like a mirage in the desert.