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What You Ought to Know about Home Equity Loans
www.mortgagebrokerbc.com
“There is nothing like staying at home for real comfort.”
- Jane Austen
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Home equity loans or second mortgage which allows homeowners to borrow money by leveraging the equity in their homes. As many homeowners now owe more on their houses than the houses are worth, these home equity borrowing standards are tightening.
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There are two types of home equity loans. Fixed rate loans Home Equity lines of credit
Both options are available with terms that generally range from five to 15 years.
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FIXED RATE LOANSThis type of loan provides a single, lump payment with an agreed-upon interest rate. The payment and interest rates remain the same throughout.
HOME-EQUITY LINES OF CREDITThis is a variable-rate loan which accepts variable monthly rates depending on the amount of money borrowed and the current interest rate.
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BENEFITS Easy source of cash Interest rate is lower than credit card Tax deduction
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Looking to get a home equity loan in Vancouver?
Visit www.mortgagebrokerbc.co for more information.
Phone: (604) 676-3583
E-mail: [email protected]
www.mortgagebrokerbc.com
