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Home Equity Loans
Put the equity in your home to work for you when you need money for most any purpose including:
- Home remodeling
- Vehicle purchase
- Bill consolidation
- Education expenses and more!
Home equity loans allow a homeowner to borrow money by pledging the house as collateral. Borrowers who want to borrow a relatively large amount of money or who don’t have good credit often find the home equity loan to be attractive.
A home equity loan is a type of second mortgage, not to be confused with a home equity line of credit.
Home equity loans are attractive to borrowers for a few main reasons:
- They typically have a lower interest rate (or APR*)
- They are easier to qualify for if you have bad credit
- Payments on a home equity loan may be tax deductible
- Borrowers can get relatively large loans with this type of loan
Borrowers use home equity loans for some of life’s larger expenses, because homes tend to have a lot of value to borrow against.
For example, you find that a lot of borrowers want to:
- Remodel or renovate the house
- Pay for a family member’s college education
- Finance the purchase of a second home
- Consolidate high-interest debts
*APR = Annual Percentage Rate
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