Home Equity Center

If you are looking for a little extra money and you own a home, consider taking out a home equity loan.  Whether the reason for taking out a loan is remodeling your home, paying for a child's education, or simply investing in a new business or property, Equity Plus has a viable option for you!

Equity Plus Offers Home Equity Loans and Home Equity Lines of Credit
Standard home equity loans are the most common type of home equity loans. This loan is also known as a term or closed-end loan or second mortgage installment loan. Like a traditional loan, you are given a lump sum of money and assessed a fix interest rate. You then make payments on a monthly schedule until the loan is paid off. Once the loan has been paid, you regain complete ownership of your house.

The other option is called a home equity line of credit. This type of loan, just as with other lines of credit, offers you an amount and places it in an account from which you can draw money as needed. While you are only responsible for paying interest on the amount actually withdrawn, the interest rate is flexible. A fixed rate is often preferred because you know before accepting money the exact amount you'll be expected to repay. A flexible rate does not offer the same security.