Home Equity Loans
Make Your Equity Work For You
A home equity loan from CrossCountry Mortgage can provide you with cash when you need it. Similar to a HELOC, a home equity loan lets you borrow against the equity in your home to receive a lump sum loan.
What Are The Benefits?
- A fixed interest rate that doesn’t change, so you always know what your monthly payment will be.
- A variety of amortization periods that let you pay back your loan with favorable terms and conditions.
- A solution for those with imperfect credit to get access to additional funds.
- May be an ideal solution for single projects, such as a kitchen remodeling.
- Interest paid may be tax deductible depending on your situation and the state in which you reside. Not all states may permit this deduction. Consult a tax advisor to make sure you’re eligible.
What Are The Features?
- A variety of amortization periods
- More choices for individuals with imperfect credit
- Fixed interest rates available
Generally speaking, your credit history and score don’t have a major effect on obtaining a home equity loan because your home secures the loan. Equity in your home will be a key component in determining your available credit. Keep this in mind when considering a home equity loan. Failure to pay could damage your credit standing and result in the loss of your home through foreclosure.