Kentucky Home Equity Loans
From Lexington (40505) to Crescent Springs (41017), homeowners in Kentucky have an abundant choice of lenders offering competitive rates and terms on second mortgages. Whether it’s a home equity loan or home equity line of credit (HELOC), Kentucky homeowners can tap into their home’s equity to finance a variety of projects. For example, borrowers in the “Blue Grass” state with a little too much credit card debt can use a home equity loan for debt consolidation. The borrower pays off several creditors using a home equity loan; then has only one monthly payment; typically at a lower fixed rate.
Another popular 2nd mortgage product in Kentucky is the home equity line of credit (HELOC). Borrowers with ongoing cash flow needs find that a home equity line of credit is one of the best ways to provide a steady stream of cash. A HELOC is a revolving line of credit—the borrower only pays back the amount drawn on the line. The HELOC has a variable rate, usually lower than what is offered for a home equity loan; however the home equity line of credit’s monthly payment amount is unpredictable due to its variable nature.