Credit Basics

What is the difference between a home equity loan and a home equity line of credit?

While both are considered second mortgages, with a home equity loan all funds will be paid at closing. A home equity line of credit provides you with a credit line that you can borrow against where your home is used as collateral.

Can the interest rate on my loan contract be changed?

You may be able to change your interest rate if your contract is set up that way. The best way to find this out is to talk to a professional to see if the change is valid.

What is home equity?

Home equity is the difference between the market value of your home and the amount you have paid towards that value.

Do I have to wait a certain period of time before I can refinance?

No, there is no certain required waiting period when it comes to refinancing. You may even refinance more than once in a matter of months.

I live in the United States, but I would like to purchase property in another country. Can I get a mortgage through CreditSoup on foreign property?

If you want to apply for a mortgage on a foreign property, you have to apply through a bank or other financial institution offering mortgages in that particular country. Currently, you cannot apply for a foreign mortgage (non-U.S.) at the CreditSoup web site in the United States.