Mississippi Home Equity Loans
Whether it’s a comfortable home in Belden (38826) or a bungalow in Madison (39110); homeowners throughout Mississippi are using the equity in their homes to finance a variety of projects. A home equity loan is a traditional second mortgage product, offering a fixed rate and a specific repayment schedule. For ongoing cash needs, a home equity line of credit (HELOC) can be helpful. A variable rate product, a home equity line of credit is a revolving line of credit where the borrower only makes payments on the amount drawn against the line. In addition to the two traditional second mortgage products, home equity loans and home equity lines of credit (HELOCs); Mississippi lenders are also offering cash-out refinancing to homeowners.
Cash-out refinancing is a home loan that allows the borrower to obtain a new mortgage for a larger amount (and usually at a lower rate) to pay off an existing mortgage. After the existing mortgage is paid off, the difference becomes the homeowner’s home equity loan. Cash-out refinancing is ideal for homeowners interested in refinancing their mortgage, but who also want to take on a new project such as home improvement, repair or debt consolidation.