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What is home equity financing?

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28th Oct 2009 by Gary

Home equity financing is when you take out a loan on your home, or refinance your mortgage. Equity is the difference between what you owe on your home and what it is currently valued at. So if you refinance your home, the loan can be higher than your current loan, thus generating cash for you to use.

You can get either a fixed-rate home equity loan, which gives you a one time expense and immediate cash. Or you can use a home equity line of credit (HELOC), which offers more flexibility for those who need periodic access to cash, using their homes as collateral.

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27th Oct 2009 In Finance 1 Answers | 83 Views
Subjects: financing, home equity, home equity financing,

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