Home equity is the value of your home less the remaining outstanding mortgage balance. While you may be worrying about currents debts or wishing you could refurnish or remodel your home, you may be sitting on the cash you need.
With a home equity loan or equity line of credit, you can use the value of your home (less the balance owing) and consolidate debts or even remodel your home.
What is an Equity Loan or Equity Line of Credit?
Unlike a typical loan which deposits a set amount of money in your account and begins charging you interest and payments at a fixed rate until repaid, an equity line of credit acts as a revolving credit (like your credit card). In addition, you do not need to pay interest on the full amount you have access to, you only pay for the money you have borrowed. Like a credit card, when the debt is repaid you still have access to the credit.
Using an equity line of credit (also known as a Home Equity Line of Credit or HELOC) gives you greater flexibility with the least cost. Not only can you access the credit only as you need it, but your monthly payments will reflect only the balanced used. The less used the lower your...
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