piggy back mortgage: Home Equity Line of Credit vs Home Equity Loan (Pros & Cons) - 02/02/19 05:02 PM
What is the difference between a Home Equity Line of Credit (HELOC) and a Home Equity Loan (HEL) and why does it matter? In short, both mortgage loan programs are designed to be Junior Liens (to go into 2nd Lien position behind a 1st mortgage).
 
Home Equity Line of Credit (HELOC) - is a revolving line of credit. Many refer to a HELOC as a credit card on steriods due to the fact that it acts in the same manner as a credit card, but with much higher credit limits and payments oftentimes.
Pros - flexibility, the feeling of having a "money … (3 comments)

 
Jason E. Gordon, Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE (CMG Mortgage, San Diego, CA)

Jason E. Gordon

Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE

San Diego, CA

More about me…

CMG Mortgage, San Diego, CA

Address: 11440 W. Bernardo Court, Ste. 300, San Diego, California, 92127

Mobile: 619-200-8031

Author Bio: Jason Gordon is a Residential Mortgage Specialist in San Diego, CA. He combines ethics, education, and experience while helping Homebuyers and Homeowners to achieve their financial goals.View all AR Posts By Jason Gordon

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