Home Equitey Loans, a common misspelling for Home Equity Loans

A home equitey loan works similar to a credit card or revolving line of credit. Your bank provides you with a checkbook that is used to draw against your line of credit. You can write checks for major purchases, such as a car or medical expenses, or just draw out some cash and go on vacation. Advantages of obtaining a home equitey loan in this manner include: (1) a home equitey loan gives you the flexibility to borrow only as much money as you need at the time and (2) a home equitey loan has the potential to receive a lower interest rate* versus a second mortgage loan. Please consult your Loan Advisor for more detailed information about a home equitey loan. Home equitey loans typically involve variable rather than fixed interest rates. The variable rate is based on publicly available index (such as the prime rate or a U.S. Treasury bill rate). Thus, as the index changes, the Home equitey loan interest rate you pay may increase or decrease. The effective rate of interest you pay on your home equitey loan over the course of the loan may be higher or lower if you had obtained a fixed rate second mortgage. Thus, you should carefully consider the risks and rewards of a home equitey loan. As with a second mortgage, with a home equitey loan you expose yourself to the risk of foreclosure if you should run into any unexpected financial problems, such as a job loss, and are unable to repay your first mortgage or home equitey loan. If you arte interested in learning more about a home equitey loan that may be right for you please complete our no obligation home equitey loan request for information form.