What is the difference between an Equity Line of Credit and another type of second mortgage?

An Equity Line of Credit is money in a loan account that can be used as you need it. You can use any portion of it at any time and pay it back at any time. The interest rate is usually variable and is tied to the prime rate. Other types of second mortgages, such as the Home Equity Loan, and 125% Freedom loans are closed end loan products. You borrow a lump sum and pay it back over a period of years with interest. The interest rate for these products is fixed.

Will a second mortgage allow me to borrow funds against my existing property?

Mortgage Investors of Knoxville offers several solutions to borrow funds against your existing property value.

• Home Equity Line of Credit
  If you want a reserve of funds you can draw on in the future, choose our Home Equity Line of Credit. You'll have the credit you need when the need arises - and you make no monthly payments until you draw on it. Be ready for expenses like medical bills, emergency home repairs, tuition, and more.
   
• Home Equity Loan
  If you want to borrow up to 100% of your home's value at a fixed rate of interest, choose our Home Equity Loan. Use those funds for a purchase opportunity, home maintenance, debt consolidation, or major expenses.
   
• High Loan-To-Value
  If you want a large sum of cash, choose one of our high Loan-To-Value products - 125% Freedom loan. With low equity - even no equity - Mortgage Investors of Knoxville can still loan you the funds you need to make home improvements, consolidate debt, buy a car, or make an investment.