Home Equity Loan/2nd Mortgage???
I know this is a dumb question but, is a home equity loan the same as a second mortgage. I'm interested in a home equity loan with a fixed rate. My home will be paid for in 4 years. I would like to borrow no more than $10,000 for home improvements and cc consolidation. Since I know very little about loans of any kind, can anyone tell me if this is do-able. There is a radio ad locally for a mortgage co. and if I understand them correctly you can get a 10 or 15 yr fixed rate for 4.75% right now. They claim that it's a great time to get money out of your home for improvement, etc. but I am just wondering if those rates may only apply to larger amounts. I emailed them with questions but they responded with an application to fill out and did not address my questions. My husband checked at the credit union where our mortgage is and the rates were higher and not fixed (something like 7% and capping off at 14%). Where is the best place to shop for the best rates for a HEL. Thanks!