Question: I have a mortgage, but I'm paying higher interest rates than what's available now.  I want to refinance, but I don't have a large balance left, and I don't want to pay the hefty closing costs.  Is there anything I can do, or am I stuck with the high rate I have now?

Answer: Consider getting a home equity loan like the PrimePlus Mini-Home Equity Line of Credit or the 7-Year No Fee with no closing costs.*  You can use that loan to pay off your primary mortgage, in effect making your equity loan your first mortgage.  You even can get the loan for slightly more than your current mortgage balance, and use the remaining money for home improvements or to consolidate other bills.

With your new low-rate home equity loan, you'll still have monthly payments, but they'll be at a rate that is lower than your current rate.  And the interest may still be tax-deductible.  (Please consult a tax adviser.)

This method works best for people who don't have a large balance left on their mortgages.  If that describes you, stop by Coosa Pines FCU, or give us a call, and ask about a home equity loan or line of credit.  You'll end up getting the lower rates you wanted, and you'll avoid paying closing costs.