Missouri home equity loans
When Missouri homeowners need cash, many turn to home equity loans. By turning equity into cash, homeowners can tackle home improvement projects, consolidate debt and more. With its fixed repayment schedule, it’s comparable to a refinance mortgage. Knowing the difference may help you determine which is more appropriate for your situation.
* Refinancing restructures your first mortgage whereas a home equity loan is a separate second mortgage.
* Closing costs on refinance mortgages are higher but interest rates on home equity loans are higher.
