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B4flowers

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Should a home equity loan be refinanced?
Three yrs remaining on $100,000 home equity loan with $98,000 variable balance, have only been paying interest at 4.49% variable. Should we refinance or pay off. First will be paid off in 5 yrs. We've been using interest for tax purposes, but now think we've just been receiving poor tax guidance - will retire in 5 yrs.

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Home equity loans come in two flavors; fixed, second mortgages and a home equity lines of credit. You mentioned a variable balance so im going to assume its a HELOC. This is a revovling debt and can take many years to repay. I would refinance the entire debt and pay it all off over whatever term/payment makes you feel comfortable.

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