Equity Home Mortgage: Compare Home Equity Rates Today
Types of Equity Home Mortgage
Home Equity Line of Credit (HELOC)
- Withdraw funds as needed (good for changing financial needs)
- Allows flexibility in monthly payments
- Tax deductible
Home Equity Loan (HEL)
- Receive a lump sum of money (good for large one-time payments)
- Fixed monthly payment
- Tax deductible
What is an Equity Home Mortgage?
The term home equity refers to the difference in a home’s present value and the debt owed on a mortgage. One can submit equity home mortgage as collateral for a loan, and use the subsequent funds to pay off other debts, make home repairs, or send a family member to school.
Why Compare Home Equity Rates?
With general home mortgage interest rates and banks’ prime lending rates nearing all time lows, there’s never been a better time to consider taking out a home equity loan, as the interest rates associated with both types of equity home mortgage consistently remain lower than credit card and bank interest.
Home equity is a great way to pay for home improvements, college tuition, outstanding medical expenses, or pay off higher interest credit card debts. What’s more, equity used to pay off credit interest is tax deductible, meaning you save even more money!
Better still, when you compare home equity rates, you can find equity home mortgageloans with no annual fees, no application fees, and no closing costs. Some are 100% tax deductible!
Applying for a home equity loan is relatively quick and simple. To get the advantage of multiple competing offers from top mortgage lenders across the country, compare home equity rates now!