Mortgage Banker | NMLS# 530660
What are my options for home improvement or debt consolidation without refinancing my first mortgage?
With the recent interest rate increases, this is a common question, and a lot of people are asking what their options are. Fortunately, we are here to help!
Border Bank offers a Home Equity Line of Credit or Home Equity Loans. Both options have minimal closing costs and offer the flexibility needed to access equity in your home. But what’s the difference and which one is right for you?
A Home Equity Line of Credit, also referred to as a HELOC, is a revolving credit line. This means you can withdraw funds when needed, make payments as required, and have the option to borrow funds again if needed. Since the balance of the credit line may change, minimum payments may change as well.
A Home Equity Loan is different in that you receive one lump sum at the time the loan is closed. Then you make payments as required until the loan is paid in full.
Both the HELOC and the Home Equity Loan are valuable financing options, and we’re happy to help explore which one is best for you. Contact one of our Mortgage Bankers today!
Member FDIC, Equal Housing Lender. NMLS #704691
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