How to take a second mortgage on the house or Heloc Line of Credit
How To Take A Second Mortgage On The Home Or Heloc Line Of Credit - If you want to understand the US, it's worth understanding what's common in the market and the trends.
How a HELOC Fixed-Rate Option Works
By Amy Fontinelle
Traditionally, if you wanted to borrow against the equity in your home, you could either get a fixed-rate home equity loan or draw money against a home equity line of credit (HELOC), a closed-end line of credit with a variable interest rate. Now there's a third choice: the HELOC fixed-rate option. In fact, some of the biggest lenders, such as Bank of America Corporation and Wells Fargo & Company, have used it to replace home equity loans, possibly because of new mortgage regulations they might find burdensome
How a HELOC Fixed-Rate Option Works | Investopedia
This product is essentially a home-equity loan and home equity line of credit (HELOC) hybrid, and it has its own quirks, benefits and drawbacks.
Link to the original post in the United States Real Estate Forum on Facebook - Works on a desktop computer (To view the post must be members approved for the forum):
https://www.facebook.com/1885945295012997/posts/2187175528223304
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