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A home equity loan is a lump-sum loan, which means you get all of the money at once and repay with a flat monthly installment that you can count on over the life of the loan, generally five to 15 years.You’ll have to pay interest on the full amount, but these types of loans may still be a good choice when you’re considering a large, one-time cash outlay, like paying for a full rehab of your.
By taking out a new 30-year loan for the remaining balance. bear in mind that there are other ways to tap the money in your home, too, such as a home-equity loan or a home-equity line of credit,
Licensed in all states except for Hawaii, Missouri, Montana, Nevada and New York. Cons Does not offer home equity loans or lines of credit. Physical locations in 14 states only. Not licensed in Hawaii.