Sentences with phrase «heloc as your second mortgage»

Choosing a HELOC as your second mortgage is not quite as risky as borrowing a lump sum.

Not exact matches

That makes a HELOC more like a mortgage; in fact, a HELOC is often is referred to as a «second mortgage.»

Simultaneously, he or she opens a second mortgage, such as a home equity line of credit (HELOC) for 10 % of the purchase price.

HELOCs function as a second mortgage, with the borrower withdrawing and repaying funds on a more flexible schedule, and the government allowing a tax deduction for interest payments.

If you have equity in a home, you can apply for a home equity line of credit (HELOC), sometimes referred to as a second mortgage.

See, for example, and I cite it only as a typical example, Suze Orman's 2009 Action Plan, in which she addresses the advisability of borrowing using a HELOC (Home Equity Line of Credit, essentially a second mortgage on your house) to pay off credit card debt.

The result is much the same as using as a HELOC or home equity loan (or a second mortgage), except it's all rolled into a single new mortgage.

The home equity line of credit, or HELOC, is also known as a «second mortgage.»

That is because a home equity loan is (usually) just a second standard fixed - rate mortgage, as opposed to a HELOC or Home Equity Line Of Credit which is a different thing altogether.

As the Federal Reserve looks to increase HELOC's and adjustable rate second mortgages, it may be in your best interest to lock into a fixed rate 2nd mortgage in 2007.

HELOCs are really second mortgages that work like credit cards — borrowers can draw money that uses the equity in their homes as collateral.

New loan owners are required to send you these notices for: 1) any loan you have taken out on your principal dwelling (so loans on a business properties or vacation homes would not be covered), including loans to refinance or purchase your home; and 2) second mortgage loans, also known as home equity loans, and home equity lines of credit (HELOCs).

Home equity loan - A home equity loan is a second mortgage (not to be confused with a home equity line of credit or HELOC) which allows a homeowner to borrow money by using the house as collateral.

As mentioned, if the homeowner wishes to tap into that equity, they can either get a second mortgage (HELOC or home equity loan) or execute a cash - out refinance.

HELOCs use equity in real estate as collateral and are really second mortgages attached to credit lines.

The second loan (the piggyback) is taken out as a home equity line of credit (HELOC) that closes at the same time as your 80 % mortgage.

Home equity line (HELOC): Also referred to as a second mortgage, this loan makes it possible for consumers to borrow against their equity in their homes for a specified term and up to a pre-set maximum sum.

Acting as a second mortgage, a HELOC lets you borrow against your home equity via a line of credit.

HELOC funds can be drawn when you need the money instead of taken in a lump sum, as is common with second mortgages, which also are called home equity loans.

A typical HELOC is a second mortgage, repaid monthly with interest, that homeowners can use in full or draw on as needed.

Home Equity Line of Credit (HELOC) Also referred to as a revolving line of credit; usually a second mortgage, which allows the borrower to obtain multiple advances up to a specific credit limit.

In such a case, clarify to them that applying for a Home Equity Line of Credit (HELOC) as a second mortgage would be a better play.

Simultaneously, he or she opens a second mortgage, such as a home equity line of credit (HELOC) for 10 % of the purchase price.