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Home Equity Loans (HELOC)

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

Home equity loans are often used to finance major expenses such as home repairs, medical bills or college education. A home equity loan is when the borrower uses the equity in their home as collateral.

HELOC stands for Home Equity Line of Credit... Most home equity loans require good to excellent credit history, 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 are often used to finance major expenses such as home repairs, medical bills or college education.

Home equity loans come in two types: closed end HET and open end HELOC which can be referred to as second mortgages.  Home equity loans and lines of credit are usually for a shorter term than first mortgages. Home equity loans can be used as a person's main mortgage in place of a traditional mortgage. You can not 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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Taylor Mortgage Group, LLC

Phone
303-884-9393
Fax
 
720-306-3813

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CO  License:  100013875
NMLS: 385946
Regulated by the Colorado Dept. of Regulatory Agency



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