Since you first began making mortgage payments on your current house, you have been building equity. What this means is that the value of your investment is increasing with each payment you make. You can take advantage of this growing equity by using it to take out a second mortgage or secure a line of credit. Even if your credit is less than perfect, you can probably find a program that suits your needs.
A second mortgage is a loan used to get cash by borrowing against the equity in your home. You receive funds in a single lump sum payment which you may use to pay off high interest rate credit cards, pay for your children's college education, or anything else you wish!
A home equity loan is a line of credit secured by the equity in your home. Basically you use your house as collateral for your loan. This allows you access to funds as you need them, much like a credit card - an important difference being that the interest you pay on home equity loans is tax-deductible, while the interest on credit card payments is not. Many people use home equity loans to consolidate their debts and lower their overall monthly expenditures.
Many lending companies, such as eHomeCredit Corp., are flexible enough to address borrowers' needs on an individual basis. We will try to help you in many cases even if your credit history is less than perfect. And we offer fixed rate second mortgages, which means that the payments are fixed during the life of the loan.
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