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Home Equity Loans
As a homeowner, you have easy access to a low-cost source of money–the equity in your home. Lenders offer two kinds of home equity loans. The most important difference is how you receive the funds.
A Home Equity Loan is an installment loan to be paid off over a specific period of time with set monthly payments. You will receive the entire loan amount up front in one lump sum.
A Home Equity Line of Credit is a revolving line of credit that offers you the convenience to borrow money as needed (up to your approved credit limit) simply by writing a check. As you pay down your outstanding balance, that amount again becomes available to borrow against. Your monthly payment varies based on the loan amount outstanding.
SecondMortgageLoans.com is a online mortgage guide service. We are not a Lender or Broker and make no offer to lend money, the information you obtain on this site is for educational purposes only. This site contains links to other sites. These include links to individual lender/broker sites that offer consumer and business loans, as well as links to other third party sites that offer credit reports, property valuation information, insurance quotes, etc. SecondMortgageLoans.com is not responsible for the privacy practices or the content of such Web sites. Rates, Products and Terms are subject to change. All loan programs are not available in every state, contact a licensed mortgage lender for all loan programs that are available in your state . Not every applicant qualifies for every loan program and all applications must meet underwriting guidelines.