Home Loans
Fixed Term Second Mortgages Versus Adjustable Rate Home Lines of Credit
(presented by www.refinance-refinance.net - mortgage lenders)
By Jennifer Frakes
With rising first mortgage rates, smart homeowners are looking at second mortgage options if they need cash, because they don’t want to refinance their entire mortgage because the interest rate they have is low and fixed for 30 years. Many consumers are looking to access equity in their home must make a choice between a fixed rate 2nd mortgage and a home equity line of credit. This can be a tough decision, as each type of home equity loan has distinct benefits, and both are tax-deductible, but if you understand the basic differences in their structure, you can make an intelligent decision for you, your family and your financial future.
According to a recent Bankrate article, a home equity line of credit is
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