|
You worked hard to build up the
equity in your home and now you want to put that equity to
work for you. What is a home equity loan? Are there
different types? Are there any benefits to getting a home
equity loan? Why do people typically get an equity loan?
There are two types of home
equity loans; a line credit and a "cash out" refi.
A home equity line of credit works like a credit card, where
you set up a line of credit against the equity in your home.
You then use the credit line on an "as needed"
basis.
The other type of home equity
loan is a cash-out refinance. The big difference in
this type of loan is that you borrow the money in a
"lump" sum.
The biggest advantages of
home equity loan are that these loans are usually tax
deductible and you can borrow up to 80% of your homes value.
The other advantages come from shopping online at
HoustonMortgage.com you can get the cash you need - without
every having to leave your home.
Most people use the equity in
their home to get money to pay for remodeling, college
tuition or pay off high interest rate credit cards. Below is
a listing of the most typical uses:
Debt Consolidation
Pay off High Interest Rate Credit Card Outstanding
Student Loans
Home Improvement
Add-on a Room Remodel Your Kitchen Put in a Pool
Build a Nursery
College Expenses
Tuition Books Housing Graduate Studies
Medical Expenses
Emergency Procedures Long Term Care Plastic Surgery
Major Life Events
Weddings New Babies Adoption Infertility
Treatments Starting a Small Business
HOW CAN YOU GET QUALIFIED?
1) Click
here to fill out a Good Faith Estimate.
Now we may get you approved
and give you a detailed estimate showing the interest rate
offered, the loan amount, the estimated monthly payment, all
of the costs of the loan and what they are for, and how much
money you will need to close.
2) If you like the estimate, we
will issue you an APPROVAL LETTER and you can go house
shopping!
|
