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Which loan type is right for you?
Home equity loans and home equity lines of credit (HELOCs) leverage an individual’s home to secure further borrowing power. A borrower can take out an equity loan or credit line if they have established equity in their home, which is the difference between what is owed on the mortgage loan and the current market value of the home.
Example: A home was purchased for $200,000 and the balance is $150,000 left on the mortgage loan. The home’s current market value is $210,000. In this example, the individual would be able to borrow up to $49,000 through a home equity loan or HELOC because individuals can generally borrow up to 90% of their equity.
Since both home equity loans and HELOCs leverage your home as collateral, they tend to have more competitive interest rates than unsecured debt or personal credit cards. In fact, one common use for home equity loans and HELOCs is to consolidate other debt into one monthly payment with a lower interest rate.
Another important piece in home equity financing is understanding the difference between home equity loans and home equity lines of credit to determine which one will best suit your needs.
Home Equity Loan
Home Equity Line of Credit (HELOC)
The great part about home equity loans and HELOCs is the wide variety of projects and uses the funds can go toward. Common household projects funded by these loans include kitchen remodels, backyard transformation, roofing and siding repairs, basement finishing and more. Non-household spending from these loans may include debt consolidation, weddings and honeymoons, unexpected medical bills and more.
Reach out to a Midwest Heritage lender today to find out if a home equity loan or HELOC is right for your needs.
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