Home equity loans in New York
A home equity loan is a type of second mortgage with a fixed interest rate. Although it’s fixed, it’s usually higher than the rate charged on first mortgages. Even with a higher rate, it can make better financial sense than refinancing, especially in these situations:
* The first mortgage interest rate is low.
* You want to avoid the high closing costs associated with refinancing.
* You want to repay the debt sooner than 30 years.
