Many borrowers have been choosing an equity loan to refinance other unsecure loans. In many instances, homeowners select home equity loans when they already are satisfied with their 1st mortgage and they have enough equity to qualify for a second mortgage.
People also prefer equity loans over unsecured loans because the interest is tax deductible and in most instances home equity rates are lower. For qualified loan applicants with high credit scores and equity will qualify for home equity interest rates that range from 4 to 7%. Unsecured loans typically range from 7 to 15%. So with lucrative tax deductions and lower monthly payments it makes sense for homeowners to refinance unsecured loans with a home equity loan.
Don't waste time! We have equity loan specialists standing by ready to help you compare home equity quotes online.