I own 100% equity & no liens. Why cant I win a mortgage? I am told that my selection is an Equity loan. True?
Answers:
A mortgage is used to purchase a home, an equity loan is used to tap into the value of the home for a source of money. They are really similar surrounded by the aspect that they are drawn against the value of a home.
I'd get a fixed rate home equity loan. If for some common sense you want a regular mortgage instead, you can then refinance the home equity loan into a regular mortgage.
Talk to at least three different bank and compare rates and terms.
Right now mortgage lenders are afraid of cash-out refinances, but this two-step process will work. Just be sure you don't incur closely of fees on the home equity loan.
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