Illinois Home Equity Loans
Homeowners residing in the “Land of Lincoln” are fixing up their homes using a home equity loan or a home equity line of credit (HELOC) Homeowners in Illinois have a wide variety of local lenders offering second mortgages at competitive rates and terms. Products such as home equity loans, home equity lines of credit (HELOC) or cash-out refinancing is available state-wide.
A home equity loan is an ideal choice for Illinois borrowers interested in home improvements or debt consolidation. Debt consolidation is when the borrower pays off several balances on a variety of loans with one home equity loan. The advantage is one monthly payment, typically at a lower rate. A home equity line of credit (HELOC) works well for borrowers who must make ongoing payments—such as college tuition or when the homeowner must pay several contractors during a lengthy home improvement project.
Cash-out refinancing in Illinois is when the borrower secures a new mortgage loan for a larger amount (usually at lower rate) to pay off an existing mortgage. The difference becomes the borrower’s home equity loan.