Access cash with a Home Equity Loan
Are you looking to do home improvements or consolidate bills but don't want to refinance because you have a good interest rate on your existing mortgage? A Home Equity Loan could be the perfect solution.
A Home Equity Loan can also be called a 2nd mortgage or 2nd lien. If you currently have a mortgage on your home, that would be considered a 1st mortgage or 1st lien. A Home Equity Loan is an additional mortgage that can be obtained to consolidate bills, do home improvements, or any other purpose. Your existing 1st mortgage would remain unchanged and you would now have a separate, additional mortgage payment. This will normally result in an overall reduction of monthly debt if the loan is used to consolidate other bills such as car payments or personal loans or even money owed on taxes. In today's market, a Home Equity Loan can be a better option than refinancing your 1st mortgage due to the fact that many homeowners now have a lower interest rate on their mortgage than they can get in the mortgage marketplace today.
If you would like to learn more about Home Equity Loans, give us a call at 803-771-0080 or fill out the short form on this page and we will get back with you promptly.