Did
you know there are two types of home equity loans: fixed rate and lines
of credit. Both loan types are offered with loan terms that generally
range anywhere from 5 to 15 years and require the borrower to repay the
loan in full if the home against which they are borrowed is sold.
Though
there are borrowing and term similarities, each loan has its
differences. A home equity loan (also known as a second mortgage) is a
fixed amount that you borrow to be paid off over a certain number of
months, while the home equity line of credit (HELOC) is a variable rate.
Much like a credit card, a HELOC pre-approves you, the borrower, for a
certain spending limit of which you may withdraw.
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A & N Mortgage Services, Inc.'s mission is to provide you with high quality programs tailored to fit your unique situation at some of the most competitive rates in the nation. Our professionals are accessible around the clock, and strive to obtain the best mortgage and real estate options, no matter the situation.
Wednesday
Borrowing Against Your Home May have its Benefits
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