A refinance home equity loan pertains to a loan pegged against your home’s equity. Equity is computed out of your home’s current value, your original home loan and the amount you’ve paid off from your home loan. Say, your original loan is the original value of your home, which is $200,000. In five years, you’ve paid off $50,000 of the loan, and the value of your home increased to $300,000. Then, you’re equity is $150,000. You are eligible to acquire a refinance home equity loan equal to $150,000. In a way, when you get your refinance home equity loan, you are using the value of your home that you own as collateral. [Read more…]