A Home Equity Loan or Home Equity Line of Credit (HELOC) helps you convert the appreciation in your home or investment property into cash that you can use to remodel your home, invest, consolidate bills or put towards other life expenses such as weddings or college tuitions.
A HELOC leaves your existing mortgage in place, which keeps the closing costs to a minimum...and leaves more money available for you!
Convenience and FlexibilityA Home Equity Line of Credit gives you the flexibility to borrow what you need, pay it back, and then borrow again as new needs arise. There's no need to re-apply for a separate loan each time. It's simply the most convenient way to get cash, at a low rate, whenever you want it. Plus, because you are using the equity in your home, the interest may very well be deductible for you!
New - Home Equity Lines of Credit with fixed interest ratesWith the recent interest rate increases, many of us have seen the monthly payment on our HELOC rise again and again. Month-Off.com has the solution to this problem that gives you the best of both worlds - the convenience of accessing your home equity when you need it, and the option of locking the rate. This feature that will give you the piece of mind by knowing that there won't be another increase in your monthly payment!
If your existing mortgage has a very low rate If you don't need all the money at once If you plan on paying it off in 10 years or less If your existing mortgage has a pre-payment penalty