HELOC FAQs
Home Equity Lines, Home Equity Loans, Second Mortgage
HOME EQUITY
Just One Click = Today's HELOC Rates
How do I determine which type
of secondary home equity financing is best for me?
A reasonable guide for making this decision is
to evaluate your intended use for the funds. If you have a pre-determined
expense that will require a lump sum or fixed payment (i.e. major home
improvements for which you have a written estimate) then you may prefer a
traditional second mortgage with rate and term that are fixed for the life of
the loan. Conversely, if you have a stream of undetermined expenses (i.e. misc.
home improvements, misc. consumer purchases) then you may prefer the check
writing convenience of a home equity line. With a home equity line of credit,
you pay interest only on the funds you use or need, therefore with unforeseen
expenses this may be the most cost-effective approach.
The First! In 1992, our founding company, LoanWorld, originated the first mortgage over the Internet.
Then in 1994 we created the first online loan application.
