Refinancing a Home Equity Line of Credit (HELOC) with another HELOC is a financial strategy that homeowners may consider to manage their debt more effectively. This process involves replacing an existing HELOC with a new one, potentially offering benefits such as lower interest rates, extended draw periods, or more favorable terms. However, it’s essential to … Read more
If you need a lot of cash for a large expense and own your home, you may consider borrowing some of your equity. One option is to get a home equity loan, which is a second mortgage that may allow you to borrow a portion of your equity at a fixed rate. Home equity loan … Read more
Home equity is the difference between your property’s market value and any outstanding mortgage is a valuable financial tool for homeowners. It can provide a safety net for unexpected expenses, fund significant investments, or consolidate debt. Smart Lending’s team help you leverage your home equity with financing opportunities that improve your financial condition. 5 Ways … Read more
The HELOC is a popular second mortgage loan and the interest is calculated a unique way. As you may already know, the HELOC or home equity line of credit operates similarly to a credit card, offering a revolving line of credit that you can draw from, repay, and draw from again. One of the critical … Read more
Home improvements can enhance the value and comfort of your property, but what if you have little or no equity in your home? Can you still secure a loan to finance your renovation dreams? Fortunately, several financial options are available that don’t rely on the equity in your home. This Smart Lending guide explores the … Read more
Many borrowers are not sure how underwriters consider student loans and debt when they apply for a HELOC line of credit as a homeowner. Student loans differ slightly from other types of debt and generally have less impact than credit card debt, for example. In fact, student loans don’t always appear on your credit report, … Read more
More and more borrowers have been asking about closed-end second mortgages as interest rates are more favorable to taking out home equity loans compare to a cash out refinance. Many people do not actually know what a closed end second mortgage is, so we though we would publish this article and explain it. A closed-end … Read more
Inheriting a property can be both a blessing and a challenge, as it often comes with sentimental value and financial implications. One of the financial opportunities that can arise from inheriting property is the potential to access its home equity and borrowing power. Smart Lending will reveal the pros and cons of getting a home … Read more
The home equity loan is one of the best kept secrets for purchasing a second home or rental property. Savvy homeowners and real estate investors have been taking out home equity loans to mee the down-payment requirements of vacation homes and investment properties for decades. If you are wondering how to leverage a HELOC or … Read more
If you are an older homeowner, you may have heard of reverse mortgages. Perhaps you’ve seen Henry Winkler or Tom Selleck selling reverse mortgages on TV. Reverse mortgages can be a useful source of income for someone who owns their home outright. After all, the typical Social Security check is only about $1,700 per month, … Read more
With first mortgage rates trending upward, many homeowners are choosing a home equity loan to pay off high rate debts like credit card interest. In 2024, many Americans have too much credit card debt. About 50% of all credit card holders in the US carry a monthly balance, with more than 50 million people carrying … Read more
One of the most common questions we get is, what is the difference between a HELOC and a personal loan and which type of loan makes sense for me. In this article we will delve into the pros and cons of HELOCs and personal loans and when you should each one. If you’re searching for … Read more