refinance or equity loan???

I recently spoke with two different lenders and both had opposite views on which option i should consider, refinancing or equity loan. can someone give me some non-biased direction.
MY situation - Due to location my home is hard to sell
Recently closed my business
Average FICA score
60.000+ in home equity

Depends…a refi will start your clock over at 30 years (probably)…the HELOC will have a more limited timespan and thus a higher payment.

I did a refi on a loan (with my wife-to-be on her house) that was 16 years old and at 10.75% (she freaks out about financing stuff so had put it off again and again). We took a 15 year at 5.65%, took out enough cash to pay all of our (well, her) bills and still had lower payments than she had been making and only for a year longer than the original.

So: It Depends…

We would need more information to say.


Hey Keith…do you know of these bad refinance loans i here the lender trys to get a signature on…? What are the better long term loan options available???

A good rule of thumb I like to use when working refi’s is:
Can we cut altleast 3 years off the term and still save atleast $50.00 month in P&I?

If you can’t do that then you do not want to refinance right now…unless you are really hard up.

My advice is simple on this subject never do anything to jeapordize your personal house. If all goes south you can still go home at the end of the day!!!

If you really need it I say HELOC (home equity line of credit) that way you only pay on what you use! I know my credit union is giving me a two year intro rate of 2.99% Can’t beat that Not even with a big stick!!

Thanks REOconsultant
good advice…