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A Home Equity Loan:
A second mortgage loan: This type of loan provides you with a fixed amount of money repayable over a fixed period. Generally the loan calls for equal payments that will pay off the entire loan within that fixed time.
A Home Equity Line of Credit
A home equity line is a form of revolving credit in which your home serves as collateral. Many homeowners prefer to use their credit line for items such as education and home improvements, not for day-to-day expenses. With a home equity line, you will be approved for a specific line of credit. That amount is the maximum you can borrow at any one time while you have the credit line.
Home equity plans typically include a fixed time during which you can borrow money, such as 10 years.
Once approved for a line of credit, you will typically be able to borrow up to your credit limit whenever you wish.
APR and Equity loans
The APR for a traditional mortgage takes into account the interest rate charged plus points and other finance charges.
The APR for a home equity line is based on the periodic interest rate alone. It does not include points or other charges.
Americana Mortgage Group
1615 Northern Boulevard, Suite 404
Manhasset, NY 11030
Phone (516) 627-0200
Fax (516) 627-0229