Our Products & Programs
Home Equity Debt
There are essentially two types of home equity debt: fixed home equity loans and home equity lines of credit.
Home equity debt may be useful for borrowing money to consolidate debts or to pay for college tuition, long-overdue home improvements or a much-needed vacation.
- A fixed home equity loan is a one-time lump sum that is repaid over a set amount of time, with a fixed interest rate and an identical payment each month.
- Home equity lines of credit typically are repaid in a shorter period than first mortgages. Money can be drawn and repaid at the borrowerÕs discretion. Generally, the interest rate is tied to an index and may therefore adjust over time.
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