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Equity Loans:

Equity loans, sometimes called second mortgages, are loans designed to tap the equity in your home while leaving your first mortgage in place. Often, homeowners need extra money for home improvements, debt consolidation, continuing education, purchase a car, etc., but they do not want to refinance the low rate on their first mortgage. Equity loans allow homeowners to take advantage of the tax deductions of a home loan, lower their monthly payments, and reduce their overall interest rate on debt.

For example, if a homeowner had $15,000 in credit card debt, their monthly payment could be as much as $750 per month. The payment on a $15,000 equity loan could be as low as $118 per month. He or she saves $632 per month!!

Fairway Mortgage has over 30 different equity loan programs. Equity lines of credit allow you to write checks using the equity in your house as collateral.

For example, if your house has $40,000 in equity, the balance in your check book is $40,000!! Let's say you use $15,000 to pay off credit card debt. You pay interest on only the $15,000 you spend, you have $25,000 remaining in your account for other purposes, and the interest you pay is tax deductible.

Fairway also has a variety of fixed and adjustable equity loans to choose from. Call (708) 389-1188 today or fill out our loan quote request if you would like professional assistance to help you choose loan program that best fits your needs.