Home Equity Loan Arizona, Home Equity Line of Credit, 2nd Mortgage, Home Equity Loan, Second Mortgage, HELOC, Arizona Home Equity Loan
arizona mortgage loans

HOME EQUITY LOAN VS. 2ND MORTGAGE OR REFINANCE

A home equity loan (home equity line of credit, commonly called a HELOC) works just like a checking account using the equity in your home as your loan balance. You're able to write checks off your home equity line of credit as needed, and you only pay interest on your outstanding balance. A refinance or second mortgage allows you to pull out a specific amount of cash all at once.

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Home Equity Line of Credit

Depending on the terms of your existing mortgage and your plans for how you'd like to use the equity in your home, a home equity loan (HELOC) might be a loan to consider. Home equity loans work well for people who would like to have the equity in their home available to instantly convert to cash as needed and the freedom to draw it out and pay it back as often as desired. Many of our clients use home equity loans instead of credit cards in order to take advantage of lower rates. Others use home equity loans to pay for home improvements, vacations, investment properties, or a number of other things.

Ask your loan consultant if a home equity loan might be right for you.

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2nd Mortgage/Refinance

Obtaining a second mortgage or refinancing your existing mortgage may be a great way to convert your home equity to cash, and could save you money in mortgage insurance costs and interest. We have dozens of different options when it comes to first and second mortgages. Visit our Loan Programs section for more information on the different types of mortgages we offer.
 
A second mortgage/refinance differs from a home equity loan in that the loan is obtained for a fixed amount rather than an open line of credit. With a second mortgage, once the loan has been paid back, you cannot re-draw the money back out.
 
In the event you are unable to qualify for a mortgage refinance, negotiating a loan modification may lower your mortgage payment. Read more about loan modifications >
 
Ask your loan consultant if refinancing or obtaining a second mortgage may benefit your financial situation.

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Home Loans, Mortgage Financing

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