There are a few types of credit options that use your home as security. The most well-known option is a home mortgage, but another option is a home equity loan (sometimes referred to as a home improvement loan). Both types of loans offer the great advantage of security making it easier to fund your home purchase or even your home upkeep or home improvements. Low interest rates and flexibility are common, especially with home equity loans which can be a great option for a homeowner looking for some extra cash. Looking to purchase a home or do some home improvements? View the different offers below and see which might fit for you, your needs, and your home best.
More about Home Loans…
A home loan, or mortgage loan, is a loan that is secured by using the home being purchased as collateral. This process is done through a mortgage note that the consumer pays back with interest over a predefined number of years. Mortgage notes are typically 15 to 30 years in length.
Another variation of a home loan is a home equity loan or home improvement loan. A home equity loan allows the consumer to utilize the equity they have built up in their current home as collateral for a new loan. The money that is provided by the home equity loan can be used for a variety of things such as home improvements, debt consolidation, or paying college tuition, just to list a few.