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Call Anytime
1-877-88ISLAND
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Island
Equity Mortgage
555 Broadhollow Road
Suite 203
Melville, NY 11747 |
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Home Equity Loan Help
Home Equity Loans have become an
increasingly popular way for
consumers to borrow money,
especially with the continued
increases in interest rates on
credit cards. Your home equity is
the percentage of the home that you
own; it’s the difference between the
current value of the home and the
amount you still owe on your
mortgage.
Home equity loans have allowed
millions of Americans to take
control of their debt. The average
household now has nearly $10,000 in
credit card debt, and borrowing
against the value of your home can
allow you to pay those bills through
debt consolidation.
Home equity loans offer several
advantages over other types of
consumer loans. Interest rates tend
to be lower, and are often half the
rate of credit |
card loans. The
interest on a second mortgage is
usually deductible, something other
types of loans haven’t offered in
more than twenty years. A line of
credit can offer the opportunity to
borrow money on a revolving basis.
And the payment schedule can be
arranged over a specific amount of
time, which offers the homeowner the
convenience of scheduled payments as
well as affordability.
Apply Now
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