A loan that is borrowed against the equity of your home, often used to cover a large expense. |
One of our most popular home loans is the home equity loan line of credit, due to its ability to conform to a home owners needs, especially in an emergency. With various uses such as home repairs, tuition or medical payments, a home equity line of credit is the best solution for a home owner who’s looking to spend a large amount of money over a certain period of time.
Home Equity Loan
With the equity as collateral, home equity loans are often considered to be a secured loan. Having a secured loan means that the mortgage lender is taking less of a risk lending you the money, due to the homeowner having collateral; therefore they are able to offer you a lower interest rate. Home equity loans are available as a lump sum or as a revolving line of credit. As previously mentioned, a home equity line of credit (HELOC) is best for home owners who are spending a large amount of money, spread over a given amount of time.
Whether you have exceptional credit or bad credit, our loan officers will be able to find the perfect loan for you, and make it work at a low interest rate. For over 20 years, East West Mortgage has been helping home owners attain a low interest rate on their home equity loan line of credit. As one of the largest mortgage brokerages in the nation, East West Mortgage has been helping thousands of home owners with their home equity loans annually. For more information on our home equity loan line of credit, feel free to contact us today!
