Home Equity Loans
Turn Your Home Equity into Cash! Make Use of Available Loans
If you are in need of money to organize a wedding, or undergo a surgery, or make travels, look again. Does your house have a good value and you’ve already paid off some of it? If the answer is yes, you can make use of Home Equity Loans. This is a type of second mortgage that has the equity of your home as collateral.
The amount of money you can get with this loan depends on the value of the property.
Home Equity Loan vs. Home Equity Line of Credit (HELOC)
Generally, both of these loans are second mortgages and are provided for a short period of time. Home Equity loans are referred to as closed-end, while HELOCs are open-end. A HELOC is a line of revolving credit and has an adjustable interest rate. That is, you make payments and pay interest only on the amount that you spend. If you prefer a one-lump sum payment with a fixed interest rate, go for a Home Equity loan. While making a choice between these loans, also look into the expenses you will have to pay. An application fee, title search, appraisal, attorney’s fees and points are expenses that go with Home Equity loan. On the other hand, you may find no fee at all with HELOC.
Benefits of Home Equity Loans
If you have ever obtained this loan, you cannot deny the joy of receiving cash. Look into the other benefits that are worth to mention:
- You can use the money how you fit it. This is what makes Home Equity loans very attractive. What about making your dream trip or paying college tuition? With the equity you own this is not an issue anymore. However, you cannot use this loan to purchase another home, but only to refinance.
- Low interest rates could be another reason for you to obtain this loan. Right now the interest rates for this loan are lower than they have been for decades.
- If you live in Las Vegas, in most cases you can deduct the interest rates on your income taxes.
The benefits are good, but they are only the fun part of the loan. Keep in mind that the cash you get isn’t free. You will have to pay for it later. So consulting a qualified expert is a must. We are only a phone call away to find a good deal for you.