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A home equity loan in Aurora, CO allows homeowners to use their home equity as collateral to secure a new loan. By borrowing against your home equity, you’re able to take out a loan that typically comes with rates much lower than you could receive with other types of financing, such as personal loans or credit cards.
What can you use a home equity loan for? This type of financing is actually very similar to a personal loan in terms of versatility. However, common reasons homeowners tend to take out a home equity loan include:
● High-interest credit card debt
● High-interest loans
● Home renovations
● Medical bill payoff
● College expenses
● Wedding or vacation
As you may see, there aren’t many restrictions when it comes to how you can use a home equity loan.
At Space Age Credit Union in Aurora CO, homeowners with enough equity in their home can choose from different types of home equity loan products, such as a second mortgage or a home equity line of credit (HELOC). Both have their advantages and can be used for a variety of expenses.
Check out our current second mortgage rates. The rate is fixed and you receive your money in one lump sum. Monthly payments begin shortly after you’ve received the full loan amount.
A Space Age Credit Union HELOC, on the other hand, is more like a credit card. Rates can change based on market conditions. With a HELOC, you only borrow what you need and you only pay interest on the amount you withdraw. However, you can choose to pay down the balance so the money becomes available to borrow once again.
All of this is done during what is called the draw period. When the draw period ends, regular payments are spread out over the repayment period until you have paid off the outstanding balance.
Using a home equity loan in Aurora, CO, gives you access to low-cost financing with minimal restrictions on how to use your funds. And you could save money compared to other financing options available.
