Equity is the paid capital as owner’s share in the total values of the property. Or equity is the value of the property less any type of debt that one may have against it, such as balance mortgage plus any balance tax etc. Home Equity Loans and Home Equity Line of Credits (also known as HELOCs) are fixed or variable interest rate solutions for getting cash out of available equity in your home.
If you have equity in the property, you can apply for equity loan. This equity could be used for any purpose such as making home improvements, consolidate debt, vacations or unexpected expenses. If you have high interest loans, you can replace them with low interest equity interest. It’s the right way for Debt Consolidation.
Call today for a free consultation from a ProFunding loan expert.