Houston Home Equity Mortgages

Many individuals get confused about the difference between home equity mortgages and second mortgages. They see home equity and second mortgages as two different entities. However, a home equity loan is a second mortgage. It is a mortgage that takes a secondary place to your primary mortgage and allows you to cash in on the equity in your Houston home.

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There are two types of home equity mortgages. The first type is a home equity loan. It provides you with cash you can use in any way you see fit. A home equity line of credit, also referred to as a HELOC, allows you to cash in on your home equity, as well. The difference is that a home equity line of credit is a revolving credit line for use whenever you see fit. If your home equity line of credit is worth $40,000, you needn't withdraw it all at one time. You can make withdrawals as often as you like.

Varied Terms for Houston Home Equity Mortgages

Typically, home equity mortgages have shorter terms than primary mortgage loans. While most traditional mortgages are set up to be repaid over 30 years, home equity mortgages are often set up for repayment over 15 years. However, there is some variation in loan terms.

Seek out a home equity mortgage with a top Houston lender. We at Southern Lending Corporation specialize in providing home equity loans to borrowers in Houston and throughout the state of Texas. Contact us now to apply or get more information at 1-866-614-2700 ext. 100. We also accept information requests via e-mail at info@southernlendingcorp.com.