Ohio Home Equity Loans

Whether it’s a new roof for a family in Dayton (45401) or funding ongoing medical expenses for a couple in Columbus (43085); home equity loans and home equity lines of credit (HELOC) is one of the best ways to finance large expenses in Ohio. Second mortgage products allow the homeowner to tap into their home’s equity to finance a variety of endeavors such as home improvement and repair, college tuition, auto purchase or debt consolidation. Home equities may be tax deducible for borrowers in Ohio, however homeowners should check with their tax consultant or accountant before tax time.

Although both a home equity loan and a home equity line of credit (HELOC) fall under the 2nd mortgage umbrella, each product has unique features and advantages. A home equity line of credit (HELOC) is a revolving variable rate line of credit. The borrower can draw cash to make ongoing payments and only repays the amount drawn against the line. The advantage is flexibility and an ongoing cash flow. A home equity loan is a traditional, fixed rate loan. The borrower receives one lump sum amount of money and makes payments on a regular repayment schedule. Borrowers who seek stability may prefer the home equity loan.