Oregon Home Equity Loans
Throwing a wedding in Oregon can be a joyous affair; however funding one can be stressful for any family and bride. One way for borrowers to ease the financial wedding strife is to tap into their home’s equity and obtain a home equity loan or home equity line of credit (HELOC). Both second mortgage products are ideal for financing big events or projects including weddings, home improvements, repairs, college tuition, auto purchase or debt consolidation. Before applying for a home equity loan or a home equity line of credit (HELOC), borrowers should consider how they will use the money.
From Bend (97701) to Portland (97201), borrowers should understand how each 2nd mortgage product functions and is best used. For a one time expense such as a new roof or for debt consolidation, a fixed rate home equity loan may be ideal. The borrower receives one lump sum of money to make payments. However, if the borrower anticipates he will need to make ongoing payments, for a wedding or college tuition for instance, a home equity line of credit (HELOC) may be a better fit. A HELOC is a variable rate revolving line of credit where the borrower only needs to repay the amount drawn against the line.