Why use a Home Equity Loan?
A home equity loan, also known as a second mortgage, lets you borrow money by using your house as collateral. A home equity loan gives you the peace of mind that your payment and interest rate will not change for the lifetime of the loan. You are given a lump sum of money at closing and will pay a fixed, predictable payment for the term of the loan.
A home equity loan allows homeowners to leverage the equity in their homes to pay for home improvements and renovations, home additions or other large expenses.