
Are
you looking to:
Consolidate debt?
Use a 2nd mortgage to avoid Private Mortgage Insurance?
Grab additional cash for investments?
Buy a boat or car?
Pay for college?
Have access to emergency cash?
Have cash for any reason at all?
Then a 2nd mortgage through Powerline Mortgage may be just what
you are looking for.
Choose
between a Home Equity Loan and a traditional 2nd Mortgage!
A home equity loan works like a credit card. You may borrow up to
you credit limit. You will get a monthly statement with a minimum
payment due. You may always pay the entire balance off every month.
Once you pay down the balance you may re-borrow up to your credit
limit again.
A
traditional 2nd mortgage works like an installment loan. You receive
a one time lump cash payment. You get a fixed interest rate and
a fixed time to pay back the loan. Your payment will be fixed every
month. Once you pay down the loan, you cannot re-borrow the money.
Option |
Home
Equity vs. |
Traditional
2nd |
Fixed
Rate |
No
|
Yes |
Adjustable Rate |
Yes
|
No |
Interest
only payment |
Yes |
No |
Fixed
Payment |
No |
Yes |
Ability
to re-borrow |
Yes |
No |
Check
writing feature |
Yes
|
No |
|