home equity loan faqs

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A home equity loan and a home equity line of credit are both low-interest financing options that borrow against the equity in your home; however, a home equity loan gives you a lump sum and a HELOC works more like a credit card (you have a certain amount of money to borrow and pay back, but you can take what you need as you need it).

A home equity loan is a type of second mortgage.Your first mortgage is the one you used to purchase the property, but you can place additional loans against the home as well if you’ve built up enough equity.home equity loans allow you to borrow against your home’s value over the amount of any outstanding mortgages against the property.

A fixed home equity loan is a one-time lump sum with fixed monthly payments, and is an ideal option for those who know the total amount they’ll need to finance their project in advance. Craft your home improvement project on a solid financial foundation by discussing home equity loan qualifications, options, and benefits with one of our loan.

A home equity installment loan is a one-time loan secured by your home that provides homeowners the ability to borrow a single lump sum against the available equity in their home. Both the interest rate and monthly payments are fixed, ensuring you have a predictable repayment schedule for the life of the loan.

Home equity loan/home equity line of Credit. Security Service provides home equity loans and lines of credit to help you finance what you need, when you need it. Because you use the equity in your home as collateral, rates are lower than most personal loans. All you need to know about your home equity.

What is a Home Equity Loan? A home equity loan – also known as a second mortgage, term loan or equity loan – is when a mortgage lender lets a homeowner borrow money against the equity in his or her home. If you haven’t already paid off your first mortgage, a home equity loan or second mortgage is paid every month on top of the mortgage you already pay, hence the name “second mortgage.”