I am interested in a home equity loan, where do I start?
Answers | 5
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There are really three types of home equity loans:
1) Home equity loan - This is a good option if you want to keep your existing mortgage and prefer to receive the cash in a lump sum.
2) Home equity line of credit (HELOC) - This provides the flexibility of having access to cash, but not paying interest until you actually withdraw it.
3) Cash-out refinance - If you’ve built a lot of equity and want to refinance your entire mortgage, this is a good way to get it.
There are pros and cons plus many variables that go into each of these options. Generally, a good place to start is with the firm that currently has your mortgage. Get together with a qualified mortgage broker that is knowledgeable about these lines of credit and discuss your situation in greater detail. Always do what is in your best interest.
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