Home Equity Loan
If you are thinking about utilizing the equity in your home and already have a great rate on your first mortgage, then now is the time to consider a home equity loan. A home equity loan, typically considered a second mortgage, is a loan in which the borrower uses the equity of his or her home as collateral. Home equity loans are mostly used to finance major expenses such as home repairs, medical bills, or college education.
A few key differentiators between a home equity loan and a Home Equity Line Of Credit (HELOC):
A closed-end home equity loan is a loan for a fixed amount of money that is repaid over a fixed term and thus the monthly payment does not change. Generally, the monthly payment is lower than a HELOC payment.
A HELOC is a revolving line of credit. You can borrow as much as you need whenever you need it, as long as your total borrowing does not exceed your credit limit. Because it is a line of credit, you make payments only on the amount you have actually borrowed. HELOCs are usually offered as an adjustable rate loan.
Why should I choose a Redstone Home Equity Loan?
- Finance up to 95% of the appraised value of your residence
- Competitive rates
- Receive your funds all at once in a single onetime payment
- Budgeting is simplified with a fixed interest rate monthly payment that does not change throughout the life of the loan
- Choose the fixed rate loan terms that are suitable to you
- Possible tax deductions (check with your tax advisor)
Easily apply online, over the phone, or in person by scheduling an appointment at 256-882-8500.