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Home Loans Wisconsin

Many people confuse a home-equity line of credit with a home-equity loan. In this article, you’ll learn the difference between the various types of home loans.

Local Companies

3 Point Mortgage Inc
414-461-4200
10012 W Capitol DR
Milwaukee, WI

Educated Mortgage Services LLC
608-834-5000
1777 W Main Street Ste 202
Madison, WI

GSF Mortgage
920-378-0002
300 Patriot drive
Little Chute, WI

AT HOME MORTGAGE, LLC
608-647-6203
2315 U.S. Hwy 14 East, Ste. 5
Richland Center, WI

AT HOME MORTGAGE, LLC -- USDA FINANCING
608-647-6203
2315 U.S. Hwy 14 East, Ste. 5
Richland Center, WI

Countrywide Home Loans
608-288-8208
5798 Verde View Rd
Madison, WI

123 EzHomeLoan.com
262-628-9860
11163 Stonewood Drive
Germantown, WI

Whitestone Mortgage
414-393-9500
10700 W. Venture Drive, Unit C
Franklin, WI

AmeriCU Mortgage
262-951-1882
3333 N Mayfair Rd, Ste100
Wauwatosa, WI

Park Bank
608-278-2801
1815 Greenway Cross
Madison, WI

Home Equity Line Of Credit

Home-equity lines have experienced unprecedented growth in the past two years and presently represent 80 percent of the home-equity market.

A home-equity line of credit is a varible interest rate loan that works like a credit card. You get a pre-determined loan amount that is secured by your home.

Most come with checks and credit cards that you can use to draw on as you need the money.

Most lenders only require an interest only payment for either 10 or 15 years. After that the loan must be paid in full. The reality is most people will sell their home and pay the loan off before it actually comes due. You could always refinance if you decide you want to stay in your home.

An important thing to remember on a home-equity line of credit is it is based on varible interest rates. These varible rates will cause your payment to change as the interest rates move up or down.

Home Equity Loan

A home-equity loan has a fixed interest rate and fixed payment. These loans are more like a standard second loan on your home. Like a home-equity line of credit, these loans are also secured by your home.

You borrow a certain amount of money for a specific period and get the whole sum at the close of the loan. The payments a on home-equity loan are typically based on 10 to 15 years and are level.

People who aren't comfortable with an adjustable or varible rate payment tend to favor a home-equity loan instead of a home-equity line of credit. As interest rates rise, these loans become more popular than home-equity lines of credit.

A home-equity loan will have a higher interest rate because it is fixed. Varible rate loans usually have lower starting interest rates. But if interest rates are rising, a varible rate could catch up or even get higher than what the fixed rate is.

About the Author:

Gary Gresham is a mortgage loan officer and the webmaster for http://www.1stopshoppingonline.com. He offers you purchase, refinance, debt consolidation or home equity loans at competitive rates at http://www.1stopshoppingonline.com/home-loan.html

Gary@1stopshoppingonline.com

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Featured Local Company

3 Point Mortgage Inc

414-461-4200
10012 W Capitol DR
Milwaukee, WI

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Computer Hardware	Franchise	Legal	Telecommunications
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Entertainment	Home Appliances	Online Database	Weddings
Environmental	Home Electronics	Pets	World History