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Home Equity Loans vs. Lines of Credit
If you are thinking about a home equity line of credit you also might want to consider a more traditional second mortgage loan. This type of loan provides you with a fixed amount of money repayable in fixed installments over a fixed term.
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Financing Higher Education
Over the last decade, average tuition costs rose at nearly four times the rate of family income. Financing these costs may seem insurmountable, but there are some options to consider.
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Is a Home Equity Loan Right for You?
The main virtue of home equity loans and home equity lines of credit is that they carry a lower rate of interest than credit cards and unsecured consumer loans.
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A Guide to Home Equity Loans and Lines of Credit
A home equity loan or line of credit (HELOC) is secured by the available equity in your home. What is your home's "equity"? The difference between what your house is worth, and what you owe on the home, is defined as your available equity.
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Home Equity Lines of Credit
A line of credit secured by your home is a flexible, inexpensive way to borrow. A home equity line of credit is a form of revolving credit in which your home serves as collateral. Many homeowners use their credit lines for major items such as education, home improvements, new cars or medical bills, rather than for day-to-day expenses.
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