A home equity loan is based on the equity in your home. The equity in your home is the difference between the amount you owe on it, and the amount you could sell it for. If you have owned your home for quite a few years, you could possibly be sitting on a gold mine. Depending on the home, you could have tens of thousands of dollars in equity available to you. This can also be a great danger.
If you need a home equity loan to make repairs on a home or to take the place of higher interest rate loan options, then it is probably the best option for you. However, you don't necessarily have to take out all of the equity in your home. If you only need $20,000 but have equity of $50,000, it can seem tempting to take the full amount. Let's face it: who couldn't use an extra $30,000? Well, one time not to have it is when the monthly payments are due.
All too often people take more out of their home's equity then they need. This actually increases their bad credit because they find themselves unable to make on-time payments. Downs Financial is a direct lender of home equity loans, and we are willing to help you get the exact home equity loan you need, in the amount you need.
If you are looking for a home equity loan, complete our simple online application. In 15 minutes, one of our professionals will call you to give you all of the details to get you the loan you need. Home equity loans are great things--just make sure that you get what you need. Let Downs Financial help you do just that.