Solved: Am I better off taking a conventional loan to pay off my existing equity loan?
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Am I better off taking a conventional loan to pay off my existing equity loan?

current loan is variable rate conventional loan will be fixed rate. Closing costs on new loan are over $5000 to be rolled into new loan.

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MichaelL1
Level 15

Am I better off taking a conventional loan to pay off my existing equity loan?

We are really here for tax questions.

However it does appear that interest rates are rising, so variable rate loan will be increasing if that is the case.  So based on that a fixed rate with a term of no more than 15 years (if you can afford it) would probably be the way to go. 

View solution in original post

1 Reply
MichaelL1
Level 15

Am I better off taking a conventional loan to pay off my existing equity loan?

We are really here for tax questions.

However it does appear that interest rates are rising, so variable rate loan will be increasing if that is the case.  So based on that a fixed rate with a term of no more than 15 years (if you can afford it) would probably be the way to go. 

View solution in original post

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