Home Equity loans allow you to benefit now from the accumulated equity in your home. Home Equity loans can be used for just about anything. Consolidate debt, make home improvements, provide a secure emergency fund for times of urgency, or pay for college tuition for yourself or your children. Security Mortgage Lendingcan provide direct access to your home's equity or establish a home equity line of creditfor you quickly. You can apply now or learn more here about Home Equity loans.
A home equity loan is a type of loan in which the borrower can access the equity in their home. These loans are useful to finance major expenses such as home repairs, medical bills or college education.
Most home equity loans require good to excellent credit history. Let the trained staff atSecurity Mortgage Lending see how you may qualify. Home equity loans come in two types: closed end and open end. Both are usually referred to as second mortgages, because they are secured against the value of the property, just like a traditional mortgage.Home equity loans and lines of credit are usually, but not always, for a shorter term than first mortgages. In addition it is sometimes possible to deduct this interest from one's personal income taxes.
There is a specific difference between a home equity loan and a home equity line of credit (HELOC). A HELOC is a line of revolving credit with an adjustable interest rate whereas a home equity loan is a one time lump-sum loan, often with a fixed interest rate. A home equity line of credit, where the borrower can choose when and how often to borrow against the equity in the property, with the lender setting an initial limit to the credit line based on criteria similar to those used for closed-end loans. Like the closed-end loan, it may be possible to borrow up to 100% of the value of a home. These lines of credit are available up to 30 years, usually at a variable interest rate. The minimum monthly payment can be as low as only the interest that is due. Security Mortgage Lending has done many of these loans and we can help.
Apply Now! Chat with us live, or give us a call for more detailed information today