Connecticut Home Equity Loans
From New London (06249) to New Haven (06511), homeowners in Connecticut are considering home equity loan and home equity line of credit (HELOC) financing to fund a variety of endeavors. Before jumping in with both feet, Connecticut residents should focus on how they plan to use the money to determine which type of home loan is best.
The two main types of second mortgages offered by Connecticut lenders are home equity loans and home equity lines of credit (HELOC). Home equity loans provide one lump sum of money to the borrower that must be paid within a specific term. A home equity in Connecticut is ideal for large expenses such as a new roof or a bathroom re-model. HELOCs work well with borrowers who anticipate ongoing expense such as college tuition. The borrower only repays the money drawn against the line within a certain term.