Home equity is the current market value of your home less the current mortgage amount.
That amount can be advanced in its entirety in one lump sum as a home equity loan or as a home equity line of credit (HELOC) where you use what you need as you go.
A home equity loan is paid upfront by the lending institution and the homeowner is required to make fixed monthly payments. A home equity line of credit the homeowner is only required to make payments on the amount used.
Home equity loans and/or credit lines can help homeowners with home improvement costs, education, and other foreseen and unforeseen expenses.
Call us for a free consultation and see what you qualify for.