Typically a Home Equity Loan that's used as a mortgage is a shorter term (10 or 15 years) than your traditional 30-year fixed rate mortgage. If you're comfortable making those payments, it's a great option. You'll save a lot of money on closing costs than if you refinanced with a mortgage. Also, if you plan on being in the house for a while, but are still comfortable with that payment, you'll build equity faster and pay off the loan sooner.
The information presented is general in nature and is for information purposes only. It is not intended to provide specific legal, tax or other advice to individuals.
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