I know there are some mortgage and bank people here so I thought I would ask. I have a home equity loan that is at an exorbitantly high (by todays standards) rate. I have good credit and I have done some reading about home equity loans, but I still dont understand them very well. Is it possible to refinance a home equity loan at a lower rate for a shorter term, or am I stuck till I pay it off?
And I am in Texas if that makes a difference.
Yes, it can be refi'ed.
See a bank or mortgage broker. The answers will depend on house value vs amount owed as well as your current credit rating.
I'm in Texas too 
There are several options depending upon value, who owns your loan and what type of loan you have. Value usually is a non-issue in Texas so you shouldn't have to worry if you are upside down. In other words if you got a HE loan in the first place you shouldn't have any issues refiing now.
PM me and I can give you some details that fit your situation.
The HAMP, HARP, STREAMLINE FHA, etc. loans all have pluses, but they also have some minuses as well.
Churchill Mortgage, a Dave Ramsey affiliate. They were fantastic on our mortgage refi.
You might consider refinancing the first and second loans into one mortgage loan. Especially since rates are stupidly low right now. It probably wouldn't cost much more to do both at the same time.
I just refinanced mine.
Very simple procedure. No paper work.
Lowered the monthly payment amount some.
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