Boca Mortgage Blog

What A Home Equity Loan Can Do For You

July 9th, 2014 1:46 PM by Leonard Silvestri

 
                      


 Making your house a home often requires some work, and that work usually costs money. If you have a dream for what your house can become, it can be pretty frustrating when you are low on funds. Use the equity in your home to make your remodeling visions a reality. Read below for advice on different types of home equity loans.

For homeowners, two types of loans can help generate the money necessary to pay for home improvements. The first is a cash-out refinance, which requires a redo of the original loan, complete with a new interest rate and new terms. The homeowner’s mortgage starts fresh, so if he’d paid seven years on a thirty-year loan, he would find himself at year one on a new loan after completion of the paperwork. The additional amount handed to the homeowner after closing will be part of the new home loan.

Posted in:General
Posted by Leonard Silvestri on July 9th, 2014 1:46 PM

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