| Whether you refer to the Nation's capital as | | | | Cash Out Refinance - A Cash out refinance loan |
| Washington D.C. or District of Columbia - both names | | | | replaces your existing mortgage loan with a new |
| evoke a region of the country that stands apart. Most | | | | mortgage loan. These loans are good for |
| homeowners in the Washington D.C. metro area | | | | homeowners, who prefer to take cash out of their |
| including the District of Columbia, Maryland and | | | | homes but still have only one mortgage loan. |
| Northern Virginia have a lot of equity in their homes | | | | Home Equity Loans - A home equity loan is a second |
| due to astronomical increases in home values. | | | | mortgage loan that allows you to take cash out of |
| In some cases, homeowners who were having new | | | | your home and make fixed monthly payments until the |
| homes built, saw a 10% or 20% appreciation in their | | | | equity loan is paid off. |
| home's value before they even moved into their new | | | | A Home Equity Line of Credit (HELOC) - A HELOC is |
| homes. Though the appreciation in home values have | | | | a line of credit, just like the one that your credit card |
| stabilized somewhat, there is still tremendous untapped | | | | company provides you. You can get a line of credit for |
| equity. | | | | $50,000, spend $25,000 of it and still have $25,000 left. |
| With persisting low interest rates available, | | | | If you repay the $25,000, your equity line of credit |
| homeowners can tap into the equity in their homes to | | | | goes back to $50,000. HELOCs offer flexibility and |
| finance their children's education, weddings, home | | | | ongoing credit, if you need a line of credit opened for |
| improvement projects, continuing education, travel, | | | | unexpected expenses. |
| credit card debt consolidation, etc. Whatever the | | | | A 125% LTV (Loan-To-Value) Refinance loan allows |
| reason may be, having equity in your home is a good | | | | you to maximize the amount of cash that you can |
| thing and can help you navigate a rough patch. | | | | take out during the refinance process. |
| Types of Refinance Loans. | | | | |