Folsom Home Loan

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Home Equity Loan - Folsom, CA

A home equity line is financing that involves the borrower using their home as collateral, with their home equity being used to determine what the loan amount will be. This loan is much more flexible in terms of accessibility in comparison to a mortgage. A home equity loan from Baker Loan Team can be used to pay for home renovations, new home projects, even paying for college tuition. There are two ways that a home equity loan is distributed; fixed term or variable. A fixed line of credit has the funds completely distributed and then paid back through monthly payments for a specified loan term. A variable home equity loan features liquidity that allows the borrower to access their funds whenever they need them. Applying for a home equity loan follows similar criteria to applying for a refinance.