Maryland Home Equity Loans
Local Maryland lenders are offering competitive rates and terms on second mortgage loans. Qualified lenders from cities such as Bethesda (20816), Salisbury (21801) and Baltimore (21202) have home equity loans and home equity lines of credit (HELOC) to accommodate nearly every homeowner’s needs. Before determining which lender and home loan product is the best fit, borrowers in Maryland should obtain a copy of their credit report. One of the biggest influencers of home equity loan and line of credit rates is the borrower’s credit score. Borrowers should determine if the credit reporting bureau has included accurate information in the report and make corrections, which will boost their score.
Once the Maryland borrower is ready to apply for a home loan, they should determine how they plan to use the money. For one-time, large expenses such as financing a new roof or for debt consolidation; a home equity loan is the best fit. A home equity loan acts like a traditional mortgage product; offers a fixed rate and has a pre-determined repayment schedule. However, to finance ongoing expenses such as college tuition or perpetual medical expenses, a home equity line of credit (HELOC) may be a better plan. A HELOC is a variable rate revolving line of credit where the borrower repays only the amount drawn against the line.