If you have been in your home for a number of years and you have established some equity, you may be considering liquidating some of that equity. A great way to do this would be to go with a Home Equity Loan.
A home equity loan allows for you to borrow off of the equity you have established in your home through appreciation and monthly mortgage payments without having to touch your first mortgage.
This is why a home equity loan can also be known as a second mortgage. But before you go and start signing applications, shop around so you can find the best home equity loan rate out there.
There are two types of home equity loans on the market that you have to choose from. The first one is your standard home equity loan with a fixed rate, which of course, is based on prime. This loan you receive in a lump sum and begin to make monthly payments upon it immediately.
The second type of loan is the home equity credit line. This one, as its name implies comes in the form of a line of credit. The home equity line of credit has a rate that is variable, which means it will fluctuate with the prime rate. Many of them come with introductory rates for the first five...
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