What are PNC home equity loans? Do you know? Well, it might interest you to know that there are two types of PNC home equity loans. And while they may look alike they are actually different. And you will know this only if you are familiar with them. But if on the other hand, you have no idea what they are you have nothing to worry about.
PNC Home Equity Loans
When seeking loans, it is very important that you take a good look at every side of your balance sheet and also your long and short-term goals, and also your borrowing needs. This is very crucial as when you get to understand the various borrowing option that is available to you, then you will e able to make informed decisions to help you achieve your financial goals in the long run.
Home Equity Installment Loan
Remember at the beginning of this post I made mention the types of PNC home equity loans that are available to you. Well, the home equity installment loan is one of them. This type of loan essentially works as a second mortgage. It allows borrowing a said amount and then paying it back in fixed monthly installments over a fixed period of time over a period of time from 5-30 years fixed. This type of loan also has a fixed interest rate that you lock in immediately after you secure the loan.
This type of loan is recommended when and if you need an exact amount of money for a one-time project and you then want to pay the money back over a specific time frame and at a fixed interest rate. Some examples might be when you want to refinance your mortgage, pay for home improvements, pay off high-interest credit card debt and so many more.
Home Equity Line of Credit
Here is the second type of home equity loan offered by PNC. Now, what is a home equity line of credit? If you have been following me on my previous posts then you should know what this is already. But if however, if you are new to this, there is still time for some catching up.
A home equity line as explained before is a revolving line of credit for a specific limit. This type of loan is more like a credit card and once it is approved, you get to decide when to borrow and how much you want to borrow just by writing a check or transferring balances online.
This type of loan might be used to pay off various types of expenses such as a major home improvement project. HELOCs have variable interest rates and you only get to pay interest on the amount that you make use of.
You should consider using PNC’s choice home equity line of credit. This financial institution just may be able to offer its users an enhancement to a HELOC. There are some states in the United States that allow customers to convert part of their outstanding balance to a fixed interest rate and payment.
How to Get Started with PNCs HELOCs
Getting started is easy. You can actually do this online. All you need to do is to go to PNCs Website on your internet-enabled device. Follow the steps on the PNCs webpage to complete the sign-on steps. If you have more questions in regards to PNC home equity loans, you should do well to check here.