Home Equity Loans

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Home Equity Fact #6: HELOC

Home equity loan and home equity line of credit (HELOC) aren't the same. HELOC is a second type of mortgage which works similar to a credit card.

Home Equity Loans from Home Loan Special

You might hear about home equity loans, but have never thought about getting one for yourself. The truth is, home equity loans have low interest rates, are tax deductible and are always growing over time, which makes home equity loans a very valuable asset for your home and great for emergency borrowing. If you are in need for one of these great loans, you have come to the right place. Apply now, at Home Loan Special!

Who Can Get a Home Equity Loan?

Not everyone one can just go out and get a home equity loan. There is a process and requirements in which you must follow to ensure your reception of a home equity loan.

First of all you will have to meet these requirements:

  • You must have a home that is mortgaged in which you acquire equity
  • You must be of 18 years of age or older
  • You must have a good credit standing
  • You must have a regular source of income


What Are the Advantages of a Home Equity Loan?

You can use your home equity in multiple ways. It is a diverse loan and also a relatively safe loan. A home equity loan is a secured loan, which is guaranteed by your house's equity. It offers you lower rates that most other loans and very flexible terms such as the ability to choose between adjustable or fixed rates of interest.

The amount of money that you receive from your lender can be used any thing you wish. There are no restrictions on what you can spend your home equity on or how you spend it. You can even buy your dream car with it!

A common way to send your home equity loan is to use it for paying off, if not all, previous debts and help stabilize your finical situation. You can even invest some of your home equity loan into other products as well.

Home equity loans have great tax benefits along with low interest rates.

The home loan application process is hassle free and fast since a home equity loan is secured and provided by your home's equity.

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