Asked by sanford  |  Submitted September 02, 2016

I need to reduce my home equity loan interest. What should I do?

I work full-time as a nurse, my credit score is 580.

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  Answers  |  1

September 06, 2016

Refinance, either with the current loan holder, or another bank. You can go directly to any large bank or credit union (who usually have low interest rates) and ask for help from a financial professional.

It's best to go prepared with your most recent loan statement, showing your current balance, payment and interest rate. Also it helps to bring your last 2 years of tax returns, your last 2 pay stubs (or any other income statement that you want considered for repayment of the new loan), and your homeowners insurance declarations page. Any other documents of importance (such as a trust, will, etc.) that have to do with the property if it's not just your traditional mortgage/homeowner situation you should bring as well, just to save trips.

If you bring those documents, give the professional about half an hour of application time, and the underwriters maybe a solid week or two, and the whole process could be taken care of between a pair of your current payments.

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