Adjustable rate 2nd mortgage loans are also known as variable rate home equity loans, because the interest rates can vary month to month and the amount borrowed revolves like a credit card. Mortgage Lenders have knick-named the HELOCS, which is short for home equity line of credit.
Usually these home equity lines are linked to a respected index like the Prime WSJ Index. Most adjustable rate second mortgage loans are equity lines of credit that only require borrowers to pay interest on the amount they actually utilize from the line of credit.
- No Surprise Loan Fees!
- Credit Lines Fixed to Prime