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Home Equity Loan Comparison - Access Your Home's Equity Through A Second Mortgage Or Equity Loan

Carrie Reeder

You can access your home equity without the cost of refinancing

with two financing options. A second mortgage will give you a

lump sum check with a fixed or adjustable rate. A home equity

line lets you tap into your equity when you want to. Both

options allow you to write off interest on your taxes and avoid

high financing costs.

Benefits Of A Second Mortgage

A second mortgage allows you to borrow up to 90% of your home's

value. The lender, which doesn't have to be your primary

mortgage lender, writes you one check. You can choose to pay off

credit cards or make a major purchase.

Fees are none to minimal with a second mortgage. Rates are

usually fixed and last 15 or more years. A 15 year loan lets you

pay off the debt quicker, saving you cash on extended interest

payments.

Benefits Of A Home Equity Line

A home equity line is like a secured credit card, only you are

borrowing against your home's equity. You can choose to borrow a

lump sum or only as needed. Most lenders issue checks and a

credit card.

Rates are adjustable and are based on when you borrow the money.

You can choose to never use the equity, but just know it is

there in case of an emergency.

One option for new homebuyers is to put down a large down

payment, securing low rates, and then apply for a home equity

line. It's like a safety net, ensuring that you can still access

your cash if needed.

Picking The Right Financing

Each type of home equity loan has its own advantages. A second

mortgage offers secure fixed rates with small payments over a

longer period. It makes sense for large projects, such as

remodeling or paying off credit cards. A home equity line offers

flexibility, better suited for smaller purchases.

With both types of programs, you still want to investigate

lenders before applying. Be sure to look at financing companies

other than your current mortgage lender. You want to find the

lowest rates with the best terms by asking for quotes on both

rates and fees. By investing a little bit of time, you will save

yourself hundreds.

About the author:

Carrie Reeder is the owner of

href="http://www.abcloanguide.com">www.abcloanguide.com, an

informational website about various types of loans. View her

recommended lenders for

href="http://www.abcloanguide.com/homeequityloan.shtml">Home

Equity Online Loans.

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