South Carolina Home Equity Loans
From the beach resort town of Myrtle Beach (29572) to historic, charming Charleston (29401), homeowners in South Carolina are using the equity in their homes to finance a variety of projects and initiatives. Second mortgage products offered by local South Carolina lenders include both home equity lines of credit (HELOC) and home equity loans. Borrowers should consider how they plan to use the money from their home equity before deciding which product is the best fit.
For example, a one-time home improvement or repair or debt consolidation works well with a home equity loan. A home equity loan offers a fixed rate and delivers one lump sum of money. Borrowers interested in debt consolidation especially like the home equity loan because they can pay off several creditors with the loan and go down to having only one monthly payment, typically at a lower rate. For ongoing expenses such as an extensive home improvement or repair or to fund college tuition, a home equity line of credit (HELOC) may be best. HELOCs are a variable rate revolving line of credit that allows the borrower to draw against the line whenever he or she needs to make payments.