| When you are a homeowner, most of your cash | | | | borrow when you get a South Carolina home |
| is tied up in your biggest asset- your home. While | | | | equity loan depends on how much equity you |
| this may seem inconvenient, the fact of the | | | | have built up in your home, as well as the lender |
| matter is that this money is easily accessible. All | | | | you choose. Traditional lenders allow you to |
| you need is a South Carolina home equity loan. | | | | borrow up to 80 percent of your home's value. |
| Home Equity Loan Basics | | | | More flexible lenders may let you go as high as |
| As you make payments on your mortgage loan, | | | | 125 percent. Though most South Carolina |
| you build equity. Your equity can also increase as | | | | borrowers spend their home equity loan on home |
| home appreciation values rise. Even though this | | | | improvements, debt consolidation, and college |
| equity is tied up in your home, it is your money. If | | | | tuition, you are allowed to spend the money on |
| at any time you decide you need this money, all | | | | anything you want--no questions asked. |
| you have to do is go to a lender and ask for a | | | | Home Equity Loan Rates |
| home equity loan. Qualifying for the loan is a | | | | Current interest rates on South Carolina home |
| simple process no matter what your credit looks | | | | equity loans average 7.44 percent. The rate you |
| like. In most cases, terms are flexible, allowing you | | | | are required to pay will depend on a number of |
| to decide how much time you want to take to | | | | things including the size of the loan, your credit |
| pay back the loan. | | | | history, the amount of equity you have, and the |
| Spending Your Home Equity Loan | | | | lender you choose. To find the best rate, you |
| The amount of money that you will be allowed to | | | | should get quotes from several different lenders. |
