In the HELOC-vs.-home-equity-loan debate, it's crucial to understand how each works — before you put your house on the line.
With a secured loan, the borrower is giving the lender collateral. The collateral can be sold to compensate the lender if the borrower defaults. A pawn shop is one example of a place where you can obtain a secured loan. The home mortgage loan and the auto loan where the car is collatera...
Credit limits can apply to bothsecuredandunsecuredcredit. If the line of credit is secured, or backed by collateral, the lender takes the value of the collateral into account and may offer a higher limit. For example, if you take out ahome equityline of credit (HELOC), your credit limit ...
HELOC or Cash-Out Refinance: Which Is Right for Me? Homeowners can leverage their home equity to get more done. But how do you know which home equity loan option to choose? Read More Tool Mortgage Calculator Use our mortgage calculator to help you set a realistic budget and determine a...
How does a second mortgage work?A second mortgage works a lot like a first mortgage — in the opening stages, anyway.To obtain a second mortgage, you typically need to do the same things you did to qualify for a primary mortgage. The process includes submitting an application to a lender...
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What can you use a HELOC for? A HELOC can be used to finance home renovations, consolidate high-interest debts, cover educational expenses and fund investment opportunities. Continue, What can you use a HELOC for? How to find a mortgage lender ...
Yes, it’s possible to obtain scooter financing even with bad credit. Some lenders—such as Upstart—specialize in lending to individuals with less-than-perfect credit histories. However, these loans can come with higher interest rates to offset lenders’ perceived risk. ...
Credit history, credit report, and credit score: Obtain a copy of your credit report, review it, and aim to fix any errors you find. The cleaner your credit report and the higher your credit score, the better your chances of qualifying for a lower interest rate.1 Experts recommend having...
If you are a homeowner, you might have a lot of equity in your home that you want to access for various purposes. However, you might not want to take on debt or pay interest or monthly payments on a home equity loan or a HELOC. Is there another way to tap into your home equity ...