Home Equity Loans and Second Mortgages in Green Bay, Wisconsin
A home equity loan can be used for many different things, but first let’s go over what exactly it is: A home equity loan is just how it sounds, it’s literally a loan based upon the equity you have in your home. When you bought your house, if you used financing (and if you used one of our lenders- yay!), that’s what is called a first mortgage. A home equity loan would be what is called a second mortgage. It’s referred to as a second mortgage because it’s taken out as a second lien against your home in addition to your primary mortgage. Once you build up some equity you can do this, and by using your house as collateral you are able to borrow money at terms that may be more preferable than other types of loans.
Why Get a Home Equity Loan?
Why do homeowners want to take out an equity loan on their home? A home loan like this makes sense, typically, if you need a large sum of money all at once. For instance:
- Home repair
- Home remodeling
- Buying a 2nd home such as an investment property or a vacation home
- Starting a business / Side hustle
- Paying for a wedding
- Debt consolidation
- Tuition expenses
- Many More good reasons…
Is a Home Equity Loan Right For You?
Not sure if a home equity loan is right for you? Give us a call! We’d be more than happy to go over the pros and the cons and see if this is the right fit for you. We offer many types of lending options and always have time to sit down and work with you. Our loan officers are experts in home equity loans, their advantages, disadvantages, restrictions, and criteria. They can guide you throughout the process of home equity loan approval, application, and disbursement.