Home Equity Loans (HELOC)
Looking for a HELOC or Home Equity Loans? HELOC stands for Home Equity Line of Credit. Most home equity loans require good to excellent credit history, reasonable loan-to-value, and combined loan-to-value ratios. Home equity loans are often used to finance major expenses such as home repairs, medical bills or college education. A home equity loan creates a lien against the borrower’s house and reduces actual home equity.
What types of Home equity loans are there?
Home equity loans come in two types: closed end HET and open end HELOC which can be referred to as second mortgages. Home equity loans and lines of credit are usually for a shorter term than first mortgages. Home equity loans can be used as a person’s main mortgage in place of a traditional mortgage. You can not purchase a home using a home equity loan and you can only use a home equity loan to refinance.
A home equity loan is when the borrower uses the equity in their home as collateral. Home equity loans are often used to finance major expenses such as home repairs, medical bills or college education. A home equity loan is when the borrower uses the equity in their home as collateral.
Need information about HELOC or Home Equity Loans? Taylor Mortgage Group is a mortgage broker that offers a variety of loan products and rates with some of the largest and best investors. A pre-approval process can be helpful in structuring your final goal. One of the most important steps in purchasing a real estate is to be pre-qualified or pre-approved. An accurate credit report is a useful tool in assessing your lending options. Call: Taylor Mortgage Group LLC at 303-339-5950 or Janie Taylor directly at (303) 884-9393.
