The property values in Florida have
Equity Loans are great ways to make large purchases, payoff debts, or make home improvements. For example, you can take a five year equity loan to buy a car. In most cases you will pay much less interest than you would with the dealer and because it is a home loan the interest you do pay could very well be tax deductible.
A home equity line of credit, or “HELOC”, is the most preferred loan when making home improvements. It works just like a credit card, with your payment in direct correlation to the amount of money you spend, HELOC’s can help to keep improvement costs down.
Thankfully HELOC’s have several big advantages over credit cards
Lower Interest Rates…
Home equity lines of credit have lower interest rates than just about any credit card available. This means less interest being paid, which means more money paying off the balance and staying with you every month.
Because it is a home loan the interest you pay may be tax deductible. Making the equity almost pay for itself over the course of the loan term.
As you make additions to your home it’s value increases. For example, it is said the addition of a swimming pool will add half of its cost immediately to your homes equity with the remainder amortized over the next few year.
As you can see home equity loans are very versatile. Many of our clients have used them to take a vacation, put their kids through college, and like mentioned before, purchase new cars and make home improvements.
We strive to provide the best rates and service on all of our home equity loans. Whether you are looking for a single lump sum or a home equity line of credit, let us prove to you why we are your Florida Mortgage Lender.