A type of loan in which the borrower uses the equity in their home as collateral, making these loans a type of secured loan. These loans are sometimes used to help families finance major home repairs, medical bills or college education. A home equity loan creates a lien against the borrower's residence. |
Home owners looking to make major repairs or are interested in working on a home improvement project will find that a home equity loan is perfect for the home owner considering putting some work into their home. A home equity loan is basically a loan that is borrowed against the equity of your home. Home equity loans are generally considered secured loans since the equity of your home is used as collateral. With secured loans, if you ever default, you must sell your property in order to pay off the debt.
Home Equity Loan Flexibility
Available as a lump sum or as a revolving line of credit, home equity loans offer a level of flexibility few other loans can match. With uses such as home repairs, medical bill payments, debt consolidation, and tuition for family members, having a home equity loan at your finger tips gives home owners a sense of security. An added benefit of such loans is that the interest rates charged on our home equity loans are often tax deductible, as long as the loan is used for its primary purpose. Whether you have perfect credit or bad credit, our loan officers will be able to work with your finances to ensure that you get the home equity loan you want, at a rate you can afford.
With over 20 years of experience in the mortgage industry, our loan officers are more than qualified to handle your mortgage needs. Customer satisfaction is our number one priority here at East West Mortgage and we do everything we can to ensure that leave happy. Since 1986, East West Mortgage has grown into one of the largest mortgage brokerages in the nation, serving thousands of home owners across the nation each year. Home owners seeking funds to take care of work that needs to be done around the house should consider a home equity loan to take care of their worries. For more information in regards to work using home equity loans, feel free to contact us today.
