Home Equity Loans For Homeowners in Need of Cash
Home equity loans are referred to as a term loan or second mortgages because they are subordinate to your primary mortgage. If you can’t afford to make your home mortgage payments and subsequently default, the first mortgage gets paid off first from any proceeds of a sale. Because of this, there is even more risk for lenders who give you a home equity loan. Consumers should always understand that with the home equity loan the property owner is basically...