Home Equity Loan
Need up to date professional advice on home equity loans? Call 502-405-8834
Residents of Louisville Kentucky and Indiana can be sure that we are certified in both states to handle their needs when it comes to applying for and navigating the ins and outs of getting a home equity loan.
Regardless of what state you live in or where you’re from, having a local mortgage broker that you can meet with in person, and get to know a bit is always of great benefit when you’re looking to get a home equity loan. Also using a private mortgage broker can most always results in getting the best rate available for your situation.
We’re here to discuss your options and have the best available programs and interest rates through our large amount of lenders to ensure that you get started off on the right foot.
What is a home equity loan?
It’s a loan structure where the borrower (you) are borrowing funds from a lender that’s backed by the equity in your home or property. In effect the equity is the collateral base that the loan is based on.
A home equity loan most often requires a lien on your home, and can be used to finance bills like college funds, home renovations and repairs, putting on room additions, or even medical bills. The amount is normally determined by how much debt is owed on the home or property in relation to the amount of equity that has been built in the home or property.
Often there’s confusion about home equity loans that results from their being 2 basic types. There’s the standard home equity term loan, which is normally a fixed rate one time lump sum loan. Most often these types of loans result in a second mortgage being taken out on the home, so that the lender has security.
Then there’s the HELOC (home equity line of credit) which is a revolving credit loan.
The borrower (you) can use it to borrow money for any number of reasons. The lender will set a predetermined limit on how much can be borrowed that will be based on the equity in the property. Normally the interest rate on a HELOC is based on the prime rate plus a margin established at the time of lending. We always advise home or property owners that are considering a home equity loan to call so that we can discuss the best options for your particular situation.
To learn how you can qualify for a home equity loan Call 502-405-8834