Home Equity Loans, often referred to as 2nd mortgages, can be used for either good or evil. If an individual is using the collateral of their home to pay off credit card debt, they are also risking losing a chunk of their property—they are essentially turning unsecured debt(the credit card) into secured debt(with the quity as collateral.)

The positive aspect of this is that secured debt does not accrue nearly as much interest. Whether you will gain a home equity loan through Approved Loans depends on your Home Equity Line of Credit, or HELOC for short. Find out if you qualify by calling us today or clicking the contact form on the next page. The more you know about your mortgage, the better equipped you’ll be to climb the property ladder. Start today!