Existing homeowners have several options available to assist in financial management. Some homeowners tap into the equity of a home and use the funds to pay for medical costs, college, weddings, and more. The equity in a home is beneficial as it does allow homeowners that option they need to use funds for emergencies or large purchases, without all the extra fees and high interest rates that often come attached to personal loans and other funding options.
When setting up home equity financing, we can set it up as a loan or a line of credit. A home equity loan allows North Star Mortgage to provide a total loan amount and advance you the money in full. A home equity line of credit is a financial resources that allows you to draw the money as you need. Which option is right for you? It depends on several factors, all of which our professionals are trained to assist in helping you with. The home is used to secure the amount of money that you need to borrow. Here are some of the common home lending options for existing homeowners:
- Home Equity Loan
- Home Equity Line of Credit
- Home Refinance
Our goal is to help you find the best solution for your financial and lifestyle needs. Contact our office, or schedule a consultation through our contact form and we will get started on helping you find the best financial option.