Refinancing your home equity loan has its own unique temptations. You may be seduced to go for an extremely low rate loan, only to find high fees are due at signing.

Rolling loans can also suck money out of your checkbook as you keep refinancing your loan. Low monthly payments may also tempt you to delay payments, costing you hundreds. Any of the obstacles can be avoided if you know your terms before refinancing your equity loan.

1. Watch Out For High Refinancing Fees

Fees are how many lenders make their commissions. Promising low rates, they get you to start the application process before disclosing the high fees due at closing.

To avoid this problem, start by getting refi estimates on your home equity loan. Compare the APR and read up on any additional fees. Lenders are required to disclose this information before you complete your loan application.

Broker sites can get you started with several quotes, but don