Home Equity Loans, a bit like Home Equity Lines of Credit (HELOCs), use the equity in your home – the difference between your home’s value and your 1st mortgage balance – as collateral. In other words, this is the 2nd mortgage loan against your subject property.
A Home Equity Loan comes as a lump sum of cash. It is an option if you need the money for a one-time expense, such as wedding or a property renovation. This loan usually offers fixed interest rates, so you know precisely what your monthly payments will be when you take one out.
For detailed information, please contact UFM team to work out how this loan type allows you to get approved on your home equity value.