New Jersey Home Equity Loans
New Jersey homeowners have access to home equity loans and home equity lines of credit (HELOCs) offered by quality lenders throughout the state. “Garden State” residents can typically access up to 80% of their home’s loan-to-value to fund projects and ongoing expenses. When it comes to selecting a second mortgage, New Jersey borrowers from Hoboken (07030) to Princeton (08540) should consider how they plan to use the money.
For a large, one time expense such as a kitchen or bathroom remodel or debt consolidation, a home equity loan may be the best fit. The borrower receives one lump sum of money that can be used to pay a contractor or designer for a remodel or to several creditors in the case of debt consolidation. Debt consolidation using a home equity loan helps the borrower consolidate several debts into one monthly payment. If the borrower needs a steady cash flow to make several payments, a home equity line of credit (HELOC) may be the best option. A home equity line of credit is a revolving line of credit where the borrower can draw only the amount of money he or she needs.