Home equity is the portion of your home you actually own: the current market value minus the outstanding mortgage balance. This guide explains how to calculate home equity, how it grows as you make mortgage payments, and what to know before borrowing against it with a home equity loan, a HELOC, or a cash out refinance.
Home equity loans and home equity lines of credit (HELOCs) are the most common examples of second mortgages. This guide explains how each second mortgage works, why the lien position matters, the risks the CFPB flags, and how Colorado Springs homeowners can decide what fits.
A second mortgage, also called a junior-lien, is a loan you take out using your house as collateral while another loan is already secured by the same property. Home equity loans and home equity lines of credit are the most common examples. Here is how lien position works, why it matters, and what Colorado homeowners should weigh before borrowing against home equity.
Federal law gives borrowers a right of rescission on most non-purchase money mortgages, meaning refinances and home equity loans. Here is exactly how the three-business-day window works, when the clock starts, how to deliver written notice, and what happens after you cancel.