Refinancing a home equity loan?

[SagaLore]

I refinanced my mortgage at 5%, yay! 🙂

But now I'd like to do something with my 2nd consumer loan (which has a lien on the house). Its at 8.15%. Is it possible for me to refinance and increase this, and roll up some other debt into it?

 

[theflyingpig]

Is that so?

 

[Dr. Detroit]

Originally posted by: theflyingpig
Is that so?

Ban this user!

 

[spidey07]

Yes. 2nd mortgage, could do interest only if you wanted.

 

[SagaLore]

Originally posted by: spidey07
Yes. 2nd mortgage, could do interest only if you wanted.

Explain. I'm still new at this.

 

[spidey07]

It's essentially a home equity line of credit (HELOC) and you could put other debt on it if you want. It's normally variable interest tied to prime.