Home equity loans provide you with low rate credit based on the security of your homes value. Your home is your collateral, which reduces your loan risk with creditors. Home equity loans also come in a variety of terms, so you can pick what is best for your financial needs.
Home Equity Loan Basics
You can cash out all or part of your homes equity with a second mortgage or line of credit. Home equity loan rates are typically a couple of points higher than a regular mortgage. In some cases, you can get a better deal by refinancing your original mortgage and cashing out your equity at that time.
Your home equity loan lender does not have to be your original lender. In fact, you should do comparison shopping on rates and fees to be sure you are getting the best deal.
More Options With Home Equity Loans
Besides how your rates are structured, you have several options when it comes to your home equity loan. Loan periods are flexible, and many have refinancing options. You can opt to only pay interest only for a few years, and then roll it over to a structured payment plan.
With a line of credit, you only borrow what you need. So payments are...
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