A type of loan in which the borrower uses the equity in their Michigan home as collateral. These loans are often used for families to help finance major home repairs, medical bills or college education. A home equity loan creates a lien against the borrower's residence. |
With the popularity of Michigan home equity loans on the rise, many home owners are looking for mortgage lenders offering low rates. With a combination of low mortgage rates and exceptional customer service, East West Mortgage is ahead of the competition. East West Mortgage firmly believes that low rates combined with supreme knowledge and quality customer service is the key formula to running a successful mortgage business. A home equity loan is basically a loan that is borrowed against the equity of your home. Home equity loans are considered to be secured loans because of the fact that your equity is used as collateral.
Home Equity Loan Types
With secured loans, if you ever default, you must sell your property in order to pay off the debt. Available as either a revolving line of credit or as a lump sum, making home equity loans extremely flexible. With uses such as home repairs, debt consolidation, medical bill payments, and tuition for family members, home equity loans offer home owners the freedom most loans do not. An added bonus to getting a home equity loan is that the interest rates are tax deductible, as long as the loan is used for its primary purposes.
Whether you have a wonderful credit or bad credit, our loan officers will be able to work with you to ensure that you get the Michigan home equity loan that you need at a rate you can afford. For over 20 years, East West Mortgage has been helping home owners with their mortgage needs, whether it’s a conventional cash-out mortgage refinance or a home equity loan, our experienced loan officers will be able to help. Since 1986, East West Mortgage has grown into one of the largest mortgage brokerages in the industry. For more information on a Michigan home equity loan, feel free to contact us today.
