Emergency Financing
What is Home Equity?
Home equity is an asset that comes from a homeowner’s interest in a home. To calculate equity, subtract any outstanding loan balances from the property’s market value. Home equity can increase over time if the property value increases or the loan balance is paid down.
Frequently Asked Questions
A home equity loan is simply a loan that is secured against your property. There are generally two types of Home Equity loans, a fixed-term loan and a line of credit.
- The fixed term loan is given as a one-time lump sum with a fixed payment, term and amortization.
- The home equity lines of credit are also secured against the property. However, the rates could either be fixed rates or variable. Also, important to note is just like unsecured lines of credit you pay monthly interest based on the balance owing.
There are many reasons to consider one, including:
- Last minute expenses
- Consolidating debt
- Investment
- Home improvements.
How Can DC Home Mortgages Help?
Experience
Over the years our network of lenders has only grown and continues to grow to better service our clients. Whether it be traditional banks, secondary financial institutions, mortgage investments corporations or private lenders we have the right lender for your situation. We can help YOU assess what product is best suited for YOU and always fight to ensure the lender is giving YOU the best rate available!