Rodgers Mortgage

Home equity loan is essentially a 2nd loan that you take out in addition to your 1st mortgage. Commonly referred to as a 2nd mortgage, a home equity loan enables you to tap into your equity to get cash without refinancing your 1st mortgage and usually in a lot less time. A home equity loan is a nice choice if you'd like your cash in a lump sum and have a great rate on your 1st mortgage. A home equity line of credit, on the other hand, is very similar to a credit card except that it uses the equity in your home as the revolving line of credit.