Caritas SF Trust Home Equity

Caritas SF Trust Home equity loans allow our Partners to borrow money by pledging the house as collateral; with a favourable low rate in lieu of his Share Savings Accounts. Partners who want to borrow a relatively large amount of money or who don’t have good credit often find the home equity loan to be attractive.

A home equity loan is a type of second mortgage, not to be confused with a home equity line of credit.

Advantages of Home Equity Loans

Home equity loans are attractive to Partners for a few main reasons:

* Lower Interest Rate (or APR)
* Easy To Qualify: if you have bad credit
* Payments on a home equity loan may be tax deductible
* Borrowers can get relatively large loans with this type of loan

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Common Home Equity Loan Uses

Borrowers use home equity loans for some of life’s larger expenses, because homes tend to have a lot of value to borrow against. For example, you find that a lot of borrowers want to

* Remodel or renovate the house
* Pay for a family member’s college education
* Finance the purchase of a second home
* Consolidate high-interest debts