Utah Home Equity Loans
Weddings in Utah can be expensive, that’s why many homeowners are using a home equity loan or a home equity line of credit (HELOC) to finance their nuptials. Second mortgage products allow the borrower to tap into their home’s equity for money with typical uses including weddings, home improvement or repairs, debt consolidation, auto purchases, paying for college tuition and funding ongoing medical expenses. Some homeowners in Utah also use a home equity loan or home equity line of credit to finance an extensive vacation.
Whether it’s a home improvement in Salt Lake City (84115) or paying for college in Taylorsville (84118), homeowners in Utah have many quality lenders offering competitive rates and terms on home equity loans and home equity lines of credit (HELOC). Although both products fall under the 2nd mortgage umbrella, home equity lines of credit (HELOC) and home equity loans offer different benefits to the borrower. A home equity line of credit (HELOC) allows the borrower to make an ongoing draw against a variable rate revolving line of credit. The benefit is that the borrower has a steady stream of cash to finance perpetual projects. The home equity loan is a traditional, fixed rate product. The borrower receives a one, lump sum amount of money that is paid back on monthly schedule. The biggest benefit of a home equity loan is the stability of the fixed rate and payment schedule.