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Home Equity Loans (HELOC)

Posted in: Home Equity Loans, Stand Alone HELOC
By Taylor Mortgage Group

HELOC stands for Home Equity Line of Credit...

  A home equity loan is when the borrower uses the equity in their home as collateral Home equity loans are often used to finance major expenses such as home repairs, medical bills or college education. Most home equity loans require good to excellent credit history, and reasonable loan-to-value and combined loan-to-value ratios.  A home equity loan creates a lien against the borrower's house, and reduces actual home equity.  

Home equity loans come in two types: closed end HET and open end HELOC. Both are usually referred to as second mortgages.  Home equity loans and lines of credit are usually, but not always, for a shorter term than first mortgages. Home equity loan can be used as a person's main mortgage in place of a tradition mortgage, however you cannot purchase a home using a home equity loan, and you can only use a home equity loan to refinance.

For more information about creative solutions for home loans, reverse mortgages and other mortgage products used to develop housing, industries, businesses and cooperatives, call Taylor Mortgage Group LLC at 303-339-5950 or Janie Taylor direct at 303-884-9393.


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CO  License:  100013875
NMLS: 385946
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