Home Equity Loan
the best interest rates online with our Iowa Home Equity Loan/
HELOC Financing program. You can also get information on refinancing
your Iowa mortgage. Apply now or call
one of our Iowa brokers at 808-357-5326.
home is a great investment and an Iowa Home Equity Loan
allows you to cash in on your returns. We will help get
your cash out of the ground and into your hands with no out
of pocket expense.
is home equity? Home equity is the difference between
the amount you owe on your home and the amount your home is
worth. Homes appreciate in value over time as you continually
pay off the principal of the loan. These two factors increase
the "equity" of your home. There have been times where
the value of a home has doubled or tripled in value in a few
short years. This can drastically increase your home equity.
is a home equity loan or HELOC? A home equity loan
or home equity line of credit (HELOC) is a second mortgage that
allows you to borrow the money tied up as equity. What you do
with the money is up to you. You could spend it on improvements
and further increase the value of your home or put it into a
high yield investment account and have it make you even more
money. It is also not uncommon to see the money go to higher
education costs or medical bills.
equity loan vs. HELOC, what is the difference? A home
equity loan is a one-time sum of money that is paid back in
fixed amounts over the length of the loan. A HELOC is a line
of credit and money can be withdrawn at intervals and works
much in the same way as a credit card. You can pay only the
interest, or you can pay off the principal as you see fit. Lenders
will often issue a credit card for a HELOC and it works the
same way. The difference is that you are borrowing money from
your own equity.
vs. a credit card? If a HELOC works just like a credit
card, why not just continue to use credit cards? There are some
key differences that make a HELOC more attractive.