Georgia Home Equity Loans
Peaches aren’t the only fresh item on the menu in Georgia—home equity loans and home equity lines of credit (HELOC) are made fresh daily state-wide. Whether the borrower resides in bustling Atlanta (30309) or historic Savannah (31419); Georgia homeowners have plenty of 2nd mortgage options. Making a decision about whether a home equity loan or HELOC is best in Georgia takes research and financial evaluation. The main question to ponder before jumping into a home loan is how the money will be used and how long it will be needed.
For Georgia homeowners who need a steady stream of money over a long period of time, a HELOC may be the best option. A HELOC is a revolving line of credit that allows the borrower to draw as much money as needed; up to a certain amount. However, for homeowners who need one large, lump sum of money to make a one-time payment; a home equity loan should be considered. While home equity loan rates are traditionally higher than HELOC rates, home equity loans offer a fixed rate with a specific payment schedule. HELOC variable rates are based on the national treasury index rate and fluctuate.