What is the difference between a Home Equity Loan and an Equity Advantage Loan?
A Home Equity Loan is a closed-end/term loan for a borrower who plans to keep their primary mortgage. Equity Advantage is for borrowers who own their home free and clear or plan to pay off their mortgage with the proceeds from the equity loan. A Home Equity Loan allows you to have two liens against your home while an Equity Advantage only allows you to have one. The benefit of the Equity Advantage is it allows you borrow against your home without paying closing cost as you would for a refinance. Read more in our
Home Equity section.
What is an Equity Advantage Loan?
A Home Equity Loan is a closed-end/term loan for a borrower who plans to keep their primary mortgage. Equity Advantage is for borrowers who own their home free and clear or plan to pay off their mortgage with the proceeds from the equity loan. A Home Equity Loan allows you to have two liens against your home while an Equity Advantage only allows you to have one. The benefit of the Equity Advantage is it allows you borrow against your home without paying closing cost as you would for a refinance. Read more in our
Home Equity section.
What are the benefits of an Equity Advantage Loan?
A Home Equity Loan is a closed-end/term loan for a borrower who plans to keep their primary mortgage. Equity Advantage is for borrowers who own their home free and clear or plan to pay off their mortgage with the proceeds from the equity loan. A Home Equity Loan allows you to have two liens against your home while an Equity Advantage only allows you to have one. The benefit of the Equity Advantage is it allows you borrow against your home without paying closing cost as you would for a refinance. Read more in our
Home Equity section.