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What is the difference between an Equity Line of Credit and another type of second mortgage?
An Equity Line of Credit is money in an account that can be used as you need it. You can use any portion of it at any time and pay it back at any time. The interest rate is usually variable and is tied to the prime rate.
Will a second mortgage allow me to borrow funds against my existing property?
fixedmortgage.com offers several solutions to borrow funds against your existing property value.
Home Equity Line of Credit
If you want a reserve of funds you can draw on in the future, choose our Home Equity Line of Credit. You'll have the credit you need when the need arises - and you make no monthly payments until you draw on it. Be ready for expenses like medical bills, emergency home repairs, tuition, and more.
Home Equity Loan
If you want to borrow up to 100% of your home's value at a fixed rate of interest, choose our Home Equity Loan. Use those funds for a purchase opportunity, home maintenance, debt consolidation, or major expenses.
How can I draw credit when I need it?
If you want a reserve of funds you can draw on in the future, choose our Home Equity Line of Credit. You'll have the credit you need when the need arises - and you make no monthly payments until you draw on it. Be ready for future expenses like medical bills, emergency home repairs, tuition, and more. In comparison HELOC works just like the credit card allowing you to use the money and pay interest only payments for the first 10 years, after the first 10 years you have 20 years to repay the loan according to a proper amortization.
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