What Are My Options for Home Equity Loans?

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Mortgage and Lending with FHA, VA, Jumbo, Downpayment Assistance, Conv. NMLS #276329

There are three popular types of home equity loans for you to choose from:

Home Equity Loan

This is essentially a second mortgage.

  • Once the loan closes, you get paid one lump sum.
  • You pay it back with monthly installments, with interest.

Home Equity Line of Credit (HELOC)

This option is a revolving credit line, operating like a credit card, with the limit being determined by your home equity.

  • There is a draw period in which you withdraw funds from the lender up to the amount you’re approved for.
  • This is followed by a repayment period, where you make monthly payments with interest.

 Cash-Out Refinance

This method involves refinancing your mortgage. Your new mortgage will include the original amount you borrowed plus the new amount you’ll receive in cash, hence the name.

  • This results in one new mortgage payment, encompassing both your original mortgage amount and the new cash you borrowed.



Source:https://bit.ly/2XpFMHF

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Lisa Perry, Senior Loan Officer

"Your Northern VA Mortgage Specialist"

540-273-2733

NMLS ID #86548 / 276329

Email:  LPerry@fhmtg.com

Apply on line:  LisaPerrryLoans.com

 

 

 

 

 

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Comments (1)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Lisa, with so many homeowners doing remodeling versus moving, this is a great post.

Oct 21, 2021 04:24 PM
Lisa Perry - NMLS # 276329

Hi Joan,


Yes, it is a great option.  Now all we need to do is have the supplies delivered on time.

Oct 31, 2021 10:26 AM