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Your home may be worth more than you owe on it. A cash-out loan lets you turn some of that value into cash, if you qualify, for big costs like school, repairs, or other debts. Your loan amount goes up, so talk through the full cost with us first.
Home equity loans: You get one lump sum of cash up front, and you pay it back over time. Good when you know the exact cost, like a big repair. Home equity loans have fixed rates.
Home equity lines of credit (HELOCs): A HELOC, short for home equity line of credit, is a credit line tied to your home. You draw what you need and pay interest on that balance. During what is called the draw period, you can make additional draws from the remaining funds. A HELOC may have a variable or fixed rate. In short: a home equity loan gives you all the money at once; a HELOC lets you borrow a bit at a time.
How much: How much you can borrow depends on your equity, income, debts, credit, and how the property is used.
Next step: Call (480) 550-0211 to talk it through.
Official source: Consumer Financial Protection Bureau: Owning a Home
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Talk with Deb
Tell us what you want to do, and we will call you back with clear next steps. It takes about a minute. Prefer to talk now? Call (480) 550-0211.
Serving home buyers in Arizona, California & Colorado since 2004