Savings Corner

APRIL 4, 2024

Key takeaways A home equity loan allows you to borrow a lump sum against your home’s equity, usually at a fixed interest rate that’s lower than other forms of consumer debt. Home equity loans drawbacks include putting your home at risk of foreclosure and their lengthy application process.

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Savings Corner

APRIL 4, 2024

A home equity loan is a secured installment loan that allows you to borrow a set amount against your equity at a fixed interest rate and repayment term. A home equity line of credit (HELOC) is also secured. So, defaulting on the monthly loan payments means the lender could foreclose your home. HELOC: What is it?

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Savings Corner

APRIL 4, 2024

When you refinance your home, you’ll apply in a similar way to when you applied to purchase your home. In many ways, the process is like a less strenuous version of getting a purchase mortgage. You’ll pay for a home appraisal. The loan will go through the mortgage underwriting process.

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