Home Equity Loans, also referred to as Second Mortgages, are loans that are secured by your home, just like your original (first) mortgage.

Types of equity loans: Fixed-rate loan vs. line of credit
There are two types of home equity loans: a term, or closed-end loan which is the standard home equity loan, and a home equity line of credit. Both are also referred to as second mortgages, because they're secured by your home, just like your original (first) mortgage.
Home equity loans and lines of credit usually have a shorter term than first mortgages. While the most common mortgage is a 30 year loan, equity loans typically have a life of 5 to 15 years.

A home equity loan (standard home equity loan), is a specified amount of money that is loaned in one-time lump sum for a specified period of time and it is paid off over this set amount of time, with a fixed interest rate and the same payments each month. A standard home equity loan is also called a term loan, a closed-end loan or a second mortgage installment loan.
A home equity line of credit (HELOC) on the other hand, works like a line of credit. You are allowed to borrow up to a certain amount (your credit line) for the life of the loan (the time limit set for the loan.) During that time you can withdraw money as you need it. As you make payments and pay off the principal, more of your credit becomes available again and you can use it again.

Home equity loans offer a good way to borrow money for two main reasons: 1.) the interest rate is usually one of the lowest loan rates a borrower can get and 2.) the interest you pay on the loan is usually tax deductible - most home equity loans are tax deductible.

Why Home equity loans are so popular?
Low interest rates and tax deductibility.

The practice of taking out a second mortgage by borrowing against the value of a home has skyrocketed in popularity.
There are two important reasons for this surge: low interest rates and tax deductibility.
Because lenders regard home equity loans as secure, interest rates are lower than for other loans.
The savings are evident if you you compare the relatively low cost of a home equity loan to how much your credit card or department store cards or other unsecured debts cost you and will end up costing you. Then, add in a tax deduction on your home equity loan, in most cases for up to $100,000 of borrowed money, and it becomes a no brainer.

Home Equity Loans / Second Mortgages Advantages to You:

The main advantages of a Home Equity loan are the low rates compared to other forms of financing, and your tax savings. Also:

Security of a Fixed Low Rate.
It provides the simplicity and security of a A Fixed low Rate, Simple Interest loan and it does not change the terms of your current first mortgage.

Little or no closing costs.

Quick, simple and secure form of financing when you need it.
You can even get a loan up to 125% of the value of your home in some cases.
Pay off your bills, make home improvements, buy home furnishings, finance a car, or get cash for any reason.

Pay off debts and Reduce monthly payments
Pay off your bills and reduce your payments by hundreds of dollars every month.

Save thousands of dollars in Interest.
Estimates show that you can end up paying three times more on credit card debt with compound interest, than with a fixed rate, simple interest home equity loan.

Flexibility in how the loan can be used. Get cash for any reason.
Flexible guidelines allow you to use the money from the loan according to what you want to do.
You can use all or part of the loan for paying off debts, or for a new investment, or just for making home improvements, or for a combination of purposes including personal cash out.

Save on Taxes. Most Home Equity/second mortgage loans are tax deductible.
The tax savings can be substantial when compared to paying on high interest non-deductible debts.

Simple, No-Credit Check Process.

- Interest Rates are still at Historic Lows!
- Take advantage of the Low Rates - REGARDLESS of CREDIT!
- Get cash for any reason!

There is still time to take advantage of the low rates but it might be your last chance!

Take 1 minute to fill out the brief form and the 2 lenders with the best rates will contact you and compete for your business.
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