What is a Home Equity Loan?by Kelly Richardson
Loan Page Columnist
Email a Friend Printer Friendly
There are times when homeowners find themselves in need of additional cash. Perhaps they want to build an addition on to a home. Or maybe the money will go towards debt consolidation. Whatever your financial needs may be, a home equity loan may be just the thing to help you.
A Home Equity Loan and Your Current MortgageHere are some of the characteristics of a home equity loan, as well as what borrowing against your current mortgage will mean for your repayment.
So now that you have decided to adjust your mortgage and take out a home equity loan, you need to think about how you will use the money. Because your home equity loan will come to you in one lump sum, there is no limit to where and how you can use the money.
Using Your Home Equity LoanHere are some suggestions.
Ask your mortgage specialist about their current offers for home equity loans. You will be surprised at how easy and fast the process can be.
About the AuthorKelly Richardson covers the local education and technology scenes in major cities across the country. His articles appear in a variety of respected educational journals, periodicals, and e-zines.
30-Year Fixed Rate -Get Mortgage Quotes In Your Area
15-Year Fixed Rate -Get Mortgage Quotes In Your Area