current rates for home equity loans
current rates for home equity loans
current rates for home equity loans

 
When they only have about 10 years to repay their existing loan, they only extend the number of years to repay the loan.
The reason is that banks are not as willing to take significant risks because of their role in the financial collapse of the housing market.
It would be wise to refinance when the current market rate is lower than the prevailing market rate of 1.5% or more points.

Home Purchase Loan Refinance Loan Refinance A loanword is used but a new loan to pay off your existing loan.

This equity is the part of your home that you already have because of your payments. The more equity in your home and lower your balance, the higher the loan amount you can borrow from a mortgage refinancing home.
The amount you borrow for your mortgage can also be used to cover the cost of repairs to your home.