Home Equity & 2nd Mortgage Loans
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Lender Ace also provides the following programs to help homeowners take advantage of the equity in their home. Call or email us if you’d like more information
HELOCs – The Home Equity Line of Credit is an excellent way for you to take equity out of your current home without disturbing your present mortgage. HELOCs are a line of credit that utilizes the equity in your home on a “Use it when you want to” basis. The line can be opened for a specific amount, but you can use as little or as much of it as you would like, and your payment is calculated on the amount of money that you have used. The interest will usually be on a variable rate basis but will often be lower than the current fixed rate. This type of loan gives you a lot of flexibility in using the equity in home at your convenience.
2nd Mortgage – Second (2nd) mortgage refers to any type of mortgage that is used to take advantage of the equity in your home without disturbing the present mortgage currently against your home. This type of home equity loan also uses the equity in your home, but it is usually for a specific amount of money, borrowed at a specific rate (usually fixed) over a specific amount of time. This type of loan also allows you to take equity out of your home without disturbing your present mortgage but gives you the comfort of knowing what your monthly payment will be.