Standard Loan



Standard Home Equity Loan

A standard home equity loan is a loan against the amount of equity in your home. The amount is given in one total amount, and it usually has a fixed monthly payment and interest rates. This type of loan is sometimes considered a second mortgage.

You have many options that will determine the amount you will pay over the term of the loan. Because lenders are taking a larger risk with home equity loans than a first mortgage, interest rates are usually higher on the second mortgage.

Loan terms are usually shorter for second mortgages as well, and a loan term can be anywhere between 3-15 years in length. Keep in mind that the longer the term, the more money you will be spending in interest over time.

If you sell your home, be aware that all lenders will collect their payment first. The primary mortgage is paid off first, then the second mortgage. Any left over amount is given to the borrower. If the sale of the house does not cover both loans, the borrower will still be responsible for paying off any outstanding balances.


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