West Virginia Home Equity Loans
When it comes to shopping for a second mortgage in West Virginia, borrowers should take several home loan rules into consideration. Before making application, West Virginia borrowers from Huntington (25705) to Leon (25123) should evaluate and compare home equity line of credit (HELOC) and home equity loan rates and terms from several lenders. Additionally, borrowers should obtain a copy of their credit report to ensure that all financial information has been accurately reported. Information in the credit report develops the credit score, which is one way lenders determine the borrower’s rate.
Another consideration before applying for a 2nd mortgage is which product, the home equity loan or home equity line of credit (HELOC) is the best fit. For one-time expenses that require a lump sum payment, a fixed rate home equity loan is ideal. Examples of how a home equity loan is helpful include debt consolidation, home improvement, repairs or auto purchases. On the other hand, for ongoing expenses such as medical bills or college tuition, a variable rate home equity line of credit (HELOC) may be a better fit. A HELOC is a revolving line of credit; perfect for paying ongoing expenses.