Home equity mortgage loans are revolving lines of credit based on the equity in a person's home. They can be a great convenience to homeowners who need extra capital to make home repairs or to provide a cushion in times of financial uncertainty. In addition, there can actually be financial incentives for taking out a home equity loan.
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First, it should be noted that the equity in a home is equal to the amount the property could be sold for, minus the amount you currently owe on the mortgage. For most homeowners, the interest rate on home equity loans can actually be as low or lower than other types of loans. That is good news for homeowners who need cash to pay down other bills, make a major purchase, or just make home repairs.
In addition, the interest that is paid on home equity mortgages is often tax deductible. This can be wonderful for a homeowner who needs an extra deduction at the end of the year. This also means that a home equity loan might be a better alternative to other loans for purchasing a car or financing a college education.
To find out more about home equity mortgage loans, fill out the short registration form. Once we receive the form, one of our experienced loan officers here at Downs Financial will contact you by phone within 15 minutes. Get started today on the many advantages that a home equity loan can afford.