Other Types of Home Mortgage Loans Available
Home Equity Loan
- With a home equity loan you can cash out the equity
stored up in your home and use it for whatever purpose
you see fit, even to consolidate debt. A home equity
loan acts as a second mortgage giving you a lump sum
cash payment that you then repay over the life of the
home equity loan.
Home Purchase Loan
- A home purchase loan involves the purchase of a new
home. This includes, a primary residence, a vacation
home or investment property. Collateral or cash down
payments have a higher impact on getting approval for a
new home purchase loan. Your credit score will also be
an important factor, in the approval process, for this
type of loan.
|
