Mortgage Information

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Mortgages

About Mortgages

  
What is an Equity loan?

It is a line of credit that allows you to borrow money, using your home's equity as collateral.

It is essentially a 2nd mortgage that lets you turn the equity in your home into cash, allowing you to spend it on home improvements, debts, education expenses or any other expenses.

Equity in your house

Selecting a Mortgage

 

 
Home equity loans and lines of credit usually are repaid in a shorter period than first mortgages. Most commonly, mortgages are set up to be repaid over 30 years. Equity loans and lines of credit often have a repayment period of 15 years, although it might be as short as five and as long as 30 years.


Want to apply for a mortgage? Contact me and I can have a mortgage loan professional contact you.

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Date updated: 10/13/2009