Refinancing comes with closing costs and might stretch out the length of your repayment interval, but if you can get a low interest rate, it might be one of many more cost-effective choices. Alternatively, you would get a home fairness loan, also called a second mortgage, which has a exhausting and fast rate, is paid out in a lump sum and repaid over a predetermined period. A home equity mortgage may be a robust contender to pay for home improvement initiatives when you have a firm concept of what you wish to do and the way much it’ll cost. Replacing…