Home Equity Loans
Home Equity Loans are not just for home improvements anymore. In fact, one of the cheapest sources of borrowing these days is tied to the equity in your home. With exceptionally low interest rates, now is the time to tap into your home’s equity, whether it is for home improvements, paying debt, or funding college tuition.
When you use the equity you’ve put into your home, you may be able to deduct the interest on your tax return, which further reduces your cost of borrowing.
First Mortgages & Refinances
Conventional mortgages: This type of mortgage is a contract between the lender and the borrower, at the lender’s risk. The borrower’s property is security. This type of mortgage is not insured by a government program; however, it may be insured with private mortgage insurance. Conventional mortgages typically require a larger down payment than FHA or VA loans.
Refinances: In recent years, many people have refinanced their home loans to take advantage of low interest rates. Some have also refinanced in order to obtain cash for other purposes. In a refinance, you pay off your mortgage with a new loan. In cash out refinance, you increase the size of your debt in order to get cash at the closing table.
If you have any questions about Home Loans please contact us.