Pennsylvania home equity loans
Many Pennsylvania homeowners turn to a home equity loan – a second mortgage offering a fixed rate – when they need cash to cover a one-time expense. Home equity loans and refinances help homeowners turn home equity into cash. Although both achieve the same objective, refinancing may not make sense when a Pennsylvania homeowner already has a low rate on a first mortgage or when a homeowner wants to repay the debt sooner than 30 years. Although the interest rate on a Pennsylvania home equity loan may be higher, the associated closing costs usually are lower than on a refinance.
