Washington Home Equity Loans
Lenders in Washington are offering competitive rates and terms for second mortgage products. However, before making application, homeowners seeking a home equity loan or a home equity line of credit (HELOC) in Washington should understand some of the home loan rules and regulations. For example, most Washington lenders offer up to 80% loan-to-value to the majority of borrowers. Also, Washington borrowers may deduct up to $100,000 in home equity interest on their taxes. However, not all home equity interest is deductible so borrowers are advised to check with a tax attorney or accountant before submitting tax forms.
Washington borrowers from Mount Vernon (98274) to Spokane (99201) can use a home equity loan or a home equity line of credit (HELOC) for a variety of endeavors. For example, borrowers embarking upon a one-time expense such as debt consolidation or a bathroom remodel may find the fixed rate, lump sum payment from a home equity loan attractive. Those in need of a steady cash flow may be more interested in a home equity line of credit (HELOC). A HELOC is a variable rate revolving credit line that allows the borrower to access cash on a continual basis.