Home Equity

A home equity loan is usually a second mortgage against your home, meaning it is a loan that you take out using your home as collateral without paying off your first mortgage. Determining whether it's best to refinance or to obtain a home equity loan depends on many factors, beginning with your personal financial situation.

Generally, a home equity loan should be considered:

• After reviewing the interest rate on your existing mortgage

• After reviewing the remaining term on your existing mortgage

• The term is shorter the other loans you are considering

• If the interest rate and points are higher on a new first mortgage

• If there is a requirement of mortgage insurance for a new first mortgage.

A home equity loan can finance home improvements, credit card or debt consolidation, vacations, college tuition, medical expenses, vehicle or recreational vehicle purchase or second home - even give you extra cash for emergencies.

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