Approximately 1.5 million homeowners have home equity lines of credit or HELOCs whose interest-only draw periods will end this year. The payments on these lines of credit will revert to fully amortizing and could double, according to Black Knight Financial Services.Refinancing or purchasing? Let Read more
All About Second Mortgages
Any and all mortgages taken out after or simultaneously with the first mortgage are called second mortgages. They are especially potent in environments where home prices are rising because that would mean more equity to borrow against. Second mortgages serve several purposes and appear in a variety Read more
Home Equity Matters: Cash-out Refinance or HELOC
Your home contains an important source of funds that you can tap however you want, your home equity. Both cash-out refinance and home equity line of credit allow you to do that but offer differing ways to accomplish that goal. How would you like to receive your equity: in cash through a refinance or Read more
Home Equity Loan vs HELOC – Which is Better?
If you have equity in your home, you might be able to take some of the equity out of it. There are several ways to do this – refinance your first mortgage as a cash-out refinance; take out a home equity loan; and take out a home equity line of credit. The first mortgage refinance would leave you Read more
Top 5 Reasons to Consider a Home Equity Line of Credit
Taking on a home equity line of credit requires you to take money out of your home. For some people, this can be a lucrative way to get money that they need, despite the negative annotations that follow this type of loan. Taking out a HELOC (Home Equity Line of Credit) is a flexible way to get the Read more
