Home Equity Loans Refinancing

Home equity loans refinance a lot of credit cards into a lower payment or help borrowers looking to do home improvements finance their next big project. Home equity loans are also a good source of emergency funds that have much better rates than credit cards do and can be tax deductible.

A home equity loan is a good alternative for someone who already has a low rate on their 1st mortgage and simply needs more money to fund their home improvements if they plan on staying in the home for a while. It is also a good alternative to using your credit cards. The average credit card rate is 17% that compounds daily, which means for every day that goes by, your balance is growing. With a home equity line of credit you can get rates at prime, which is as low as 4% currently.

One of the great features of our home equity lines is that you have two payment options every month. Since you only pay interest on the amount you borrow, you have the advantage of paying an interest only payment or a full principal and interest payment. However, if you get approved for a $70,000 credit line, and only borrow $20,000 your payment is only based on $20,000!...