Wisconsin Home Equity Loans
Comparing home loans in Wisconsin requires that borrowers conduct due diligence, research lenders and examine their own spending and borrowing habits. Second mortgage products in Wisconsin include both home equity loans and home equity lines of credit (HELOC). Both products are based on the equity in the borrower’s home; however each product has its own unique advantages.
For example, if a borrower in Madison (53705) was interested in debt consolidation, a home equity loan would be a suitable loan. A home equity loan is a fixed rate product that provides a lump sum amount of money and is repaid on a regular, monthly repayment schedule. On the other hand, a borrower in Milwaukee (53219) wanting to remodel several rooms in his or her home may select a home equity line of credit (HELOC). For ongoing projects a HELOC provides a perpetual cash flow through a revolving line of credit.