New Mexico Home Equity
Get a great interest
rate with our New Mexico Home Equity Loan/ HELOC Financing program.
We can also refinance your current New Mexico mortgage. Call one
of our New Mexico brokers toll free at
808-357-5326 or Appy Online
You may literally be
sitting on a pile of cash. A New Mexico Home Equity Loan can help
get the cash out of the ground and into your hands thanks to a little
thing called equity.
What is home
Home equity is the difference
between the amount you owe on your home and the amount your home
is worth. Homes appreciate in value over time as you continually
pay off the principal of the loan. These two factors increase the
"equity" of your home. There have been times where the
value of a home has doubled or tripled in value in a few short years.
This can drastically increase your home equity.
What is a
home equity loan or HELOC?
A home equity loan or
home equity line of credit (HELOC) is a second mortgage that allows
you to borrow the money tied up as equity. What you do with the
money is up to you. You could spend it on improvements and further
increase the value of your home or put it into a high yield investment
account and have it make you even more money. It is also not uncommon
to see the money go to higher education costs or medical bills.
loan vs. HELOC, what is the difference?
A home equity loan is
a one-time sum of money that is paid back in fixed amounts over
the length of the loan. A HELOC is a line of credit and money can
be withdrawn at intervals and works much in the same way as a credit
card. You can pay only the interest, or you can pay off the principal
as you see fit. Lenders will often issue a credit card for a HELOC
and it works the same way. The difference is that you are borrowing
money from your own equity.
a credit card?
If a HELOC works just
like a credit card, why not just continue to use credit cards? There
are some key differences that make a HELOC more attractive.
Interest paid on a mortgage
is tax deductible; interest paid on a credit card is not.
Interest rates are typically lower on a HELOC because it is secured
with your house as collateral. This makes it less of a risk for
lenders and they can in turn provide better rates.
Mortgage debt is considered good debt, if fact, it is the best debt
you can hold. Maxed out credit cards have and adverse effect on
your credit score while mortgage debt will actually help your credit
Is it difficult to get this type of financing?
The short answer is no,
not with our help. You will need an appraisal to get an accurate
estimate on your property value. You also will need to have your
income verified, but since you already have a mortgage out, it is
not a big deal to secure additional financing.
As professionals in the
mortgage lending industry, we have built our reputation on providing
outstanding service to our clients. This means you can count on
us to always look out for your best interests, and to keep you informed
throughout every step of the lending process. Customer satisfaction
is the cornerstone of our business. Please do not hesitate to call
if you have questions about the information you find here on our