Are you in need of cash? Do you need some money for home improvements? Are you trying to consolidate your debts?
Whatever the reason, if you need cash, you can try getting a Home Equity Loan (HELOC). By partnering with various lenders, we are able to offer a wide range of home equity loans as well as flexible home equity lines of credit (HELOC). With a home equity loan, you can get cash to fulfill any of your financial needs like:
● Pay your college tuition
● Pay your consolidated debt
● Improve your home
● Prepare a safety net for sudden financial crises
● Get a car
Depending on your situation, you can even gain some tax benefits. You should consult with your tax professional to receive guidance specific to your individual situation..
To calculate your home’s equity, you can use our home equity calculator. With this tool, you will not just know how much you have in your home’s equity, but you will also find it easier to choose the loan that will best satisfy your needs
Are you unsure of what a home equity line of credit (HELOC) is? In simple terms, a HELOC is a line of credit that can be drawn on when needed. The limit is normally determined by the equity you have in your home. Your home equity is calculated in this way:
(value of your home) – (mortgage balance) = Home Equity
Once you take out a home equity loan, you will be given approval for a specific amount of credit. This credit can be used to serve any financial purpose. One thing you must remember is that a HELOC is not the same as a second mortgage. That means you can’t get a loan for a fixed amount and then have regular mortgage payments. Instead, your home equity loan is something you use when you need cash. Payment for this type of loan is determined by the actions you take or how you use your line of credit.
You will find that obtaining and making payments on a home equity loan can be quite different from the traditional fixed loan. However, with RateWinner, you can find great advice on home equity products. We will point you in the right direction so that you receive the most competitive loan rates and terms that benefit your needs.