What is home equity borrowing?

Home Equity Borrowing With Allpointe Mortgage

Home Equity
Introduction

What is Home
Equity borrowing?

Why Use
Home Equity?

Should I Use
Home Equity?

Home Equity
How-to

Who Can
Help Me?

Equity Loan Types | Compare Loan Types

What is Home Equity Borrowing?

There are two types of home equity borrowing: Home Equity loans, which are also known as second mortgages, and Home Equity Lines of Credit (HELOCs). Both let you borrow against the growing value of your home by using your home as collateral. The loan amounts or credit available to you is based on the equity you've accumulated.

Home equity is the difference between your home's fair market value today and the unpaid principal balance on your home loan. For instance, if your home is worth $100,000, and you owe $65,000, you have $35,000 in home equity.

Attractions of home equity borrowing are:	Risks of home equity borrowing are:
Loans are easy to get	Overall cost can be expensive
Interest rates are usually lower than on unsecured loans	You risk losing your home if you default on the payments
Interest may be tax deductible (consult your tax advisor)	Even if your home depreciates in value, your loan amount stays the same

If you are ready to get started, call an Allpointe Mortgage Advisor at 866-255-3535 for a no obligation, free consultation, or click on the blue bird to learn about the two types of home equity borrowing.

Get Pre-Qualified

Get a FREE
No-obligation Loan
Pre-Approval by completing your Name, Phone & Email so that we may contact you.

*Fields Required

† The code helps prevent SPAM. Please input in the verify box.

Call 866-255-3535 or email

Information contained within this Web site is for educational purposes only and should not be used to make a financial or legal decision.
Please read our Legal & Privacy Notice carefully.