Will it be more expensive?
Your homeowner loan will not be more expensive than your mortgage if you make the right application. You need to research different homeowner loan options available from different lenders to find a suitable and inexpensive product. While your homeowner loan could increase the total cost of your existing debt, finding an ideal product could offer access to lower interest rates and better repayment schedules..
Do I have to own my home?
You need to own your home to be eligible for a homeowner loan. Lenders will use your share of equity as security for your loan, which can only be achieved by owning some value in your home. In order to get a great homeowner deal, you should make sure to own all or a large part of your home. This will give you access to more funding, which could attract a better credit score and better rates.