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A Home Equity Loan, often referred to as a second mortgage, allows homeowners to borrow against the equity built up in their homes. This type of loan provides a lump sum of money, with fixed monthly payments over a predetermined period, making it a reliable option for various financial needs. Typically offering fixed and lower interest rates than many other consumer loans, Home Equity loans are an excellent option for debt consolidation, enabling you to save money on interest payments over the life of the loan, especially when consolidating high-interest loans like credit cards.
Home Equity loans are often used for things like home improvements and renovations, education expenses, unexpected emergency situations, business ventures, vacations, travel, weddings or other large purchases. The possibilities are endless. However, Home Equity loans do differ from HELOC loans, which instead offer a revolving credit line as opposed to a lump sum.
Acadia Lending Group is here to make the home equity loan process easier, with tools and knowledge that will help guide you along the way, and the first step is seeing how much you can afford and getting prequalified. You can also explore the options of a cash-out refinance, to see if that makes more sense for your situation.
Here’s how our home equity loan process works:
Home Equity loans are beneficial for various reasons. For one, the fixed interest rates provides stability and predictability in monthly payments. You are able to access a significant sum of money for substantial planned or emergency expenses, or use it to consolidate high-interest loans and other debt.
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below:
