Question:

Getting quick cash through fast home equity loans – how is it done?

Answer:

Fast home equity loans are really fast to take, if you have screened lender quotes already. Home equity loans can be pure HELs, or can be structured as revolving lines of credit.

If you have to choose between a home equity loan and a cash out refinance, you could ask how long it takes from prequalification to funding. Sometimes a cash-out refinance may be quicker.

However, a home equity mortgage loan structured as a line of credit provides the fastest cash emergency resource. Home equity lines of credit are very convenient to use as the borrower uses them as credit card funds - whenever they need them and interest accrues only on withdrawn amount.

Bottom line, even if you have to wait a little longer to get a home equity loan in the form of a HELOC, be sure that a HELOC is perhaps the most convenient of all home equity financing options. Interest is usually tax deductible to a great extent, and you use it when you need it.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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