Both home equity loans and home equity lines of credit can be useful tools for homeowners who need access to affordable financing. Home equity loans are usually fixed-rate loans paid out as a single lump sum, while home equity lines of credit work as a credit line with a variable rate and flexible withdrawals over time.
If you are looking for a way to get some extra cash to pay off credit card debt, send your kids to college, take a big vacation, or renovate your home, you have probably found a second mortgage or home equity loan as an option. A “second mortgage” is a generic term that is used to […]
If you are looking to access some cash from the value of your home, you have two types of loans to consider. A home equity loan is a second loan on your residence that allows you to borrow against the equity you have in your home. A cash-out refinance loan, on the other hand, lets […]