Home Equity Loan VS Second Home Mortgage Loan | What’s the Difference?
Home Equity Loan vs. Second Home Mortgage Which is Best for You
Are you house rich but cash poor? If so and you’re looking to pull equity out of your home you have several options. Two of the most popular options are a home equity loan and a second mortgage home loan. While both of these options will put money in your hand the terms can be very different. When you want to take equity out of your home you need to have a plan in place. What are you going to use the money for? When will you be able to pay it back? Is the best option pulling equity out of your home? Once you have a plan in place you’ll be able to read the fine print, crunch the numbers and know exactly what option is best for you.
Michelle Gibson is a full-time Realtor specializing in residential real estate since 2001 in Wellington Florida and the surrounding area. She assists buyers, sellers, landlords and tenants with all of their real estate needs.