Local Mortgage Information for Your Area
Using a Second Mortgage to Pay for Home Improvement
The ultimate purpose of
second mortgages is to access
home equity.
Regardless if one takes a
home equity loan (HEL) or gets a
home equity line of credit (HELOC), both convert equity into spending power.
Of course, there are some factors that borrowers should consider when comparing HELs and HELOCs, whether or not they use them for home improvements.
Next: Would you like to experiment with a home equity calculator, or would you like to be matched with up to five home equity and second mortgage lenders?