Use the equity in your home to finance remodeling, consolidate debt, or even pay for college. Home equity financing can be set up as a loan or a line of credit. With a Home Equity Loan, U.S. Eagle would advance you the total loan amount upfront. A Home Equity Line of Credit, or HELOC, provides a source of funds that you draw on as needed. Both products have low rates and no up-front costs.
Home Equity Loan
For large, one-time expenses, a home equity loan may be your best option. A Home Equity Loan is typically a second mortgage, and allows the home owner to borrow cash in exchange for equity that has built up in the home. With a Home Equity Loan, you receive one lump sum and make fixed monthly payments on that amount for the length of the term.
Home Equity Line of Credit (HELOC)
A HELOC is a good choice if you have a series of projects and want to secure access to credit upfront without starting to pay interest until you actually use it. A HELOC is also ideal if you anticipate a need for borrowing against home equity in the months ahead, but want to lock in today’s favorable interest rate terms.