Home Equity Loans

A home equity loan is a a loan that is placed on the equity of a home. For instance, if you bought your home for $175,000 and the home is now worth $315,000 you can borrow on the difference. Some states will place a percentage cap on how much you can borrow against your home. These types of loans can be preferable to other typs of consumer credit because in some cases you can deduct the interest from your income taxes.

There are two types of home equity loans:
+A lump sum equity loan. A borrower recieves one payment against the equity in their home and normally cannot borrow any more money.
+HELOC a home equity line of credit where a lender sets an initial amount of money to be borrowed and it is given to the borrower as a line of credit. The line of credit is accessed similar to a bank account with checks or a debit card, and the borrower has access to a predetermined amount of money, but only makes a payment on how much of it they borrow.

These types of loans are often used to pay for college, to pay off other high interest debt, even to make home improvements.

There sometimes are fees involved in any type of loan, but often they can be wrapped up with the cost of the loan.

If you are interested in this type of loan in Las Vegas or in any state, please contact us or fill out a free, no obligation application.