Home Equity Loans Online – Types Of Home Equity Loans
A home equity loan allows you to tap into your propertys value to pay off short-term debt, remodel, or pay for college. There are several options for drawing on your equity, each with their own benefits and drawbacks. No matter which option you choose, interest is still tax deductible.
Refinancing Your Mortgage
By refinancing your mortgage, you can withdraw all or part of your equity. With this type of loan, you have one monthly payment with a low interest rate. If your mortgage originated when interest rates were high, you may find savings by refinancing now.
However, refinancing is costly with loan origination fees. You will have to go through the whole loan process again. You may also find that you may not find a better interest rate.
Opening A Home Equity Loan
A home equity loan allows you to take out a second loan based on your homes equity. With this type of financing you have lower loan costs and can usually choose shorter loan terms.
With a home equity loan, you find interest rates slightly higher than mortgages. Monthly payments are typically larger than with a...
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