Surplus Home Loan? Please Explain
My current lender is offering me surplus home loan, can some one help me understand if it is a safe/good option? by candyk22 from Hollywood, California. Dec 23rd 2010
Rick Pelleriti (RickPelleriti)
#366 ranked lender in California - 59 contributions
I have never heard of that terminology. Do you mean a HELOC? (Home Equity Line of Credit). This would be a second mortgage. Ask your lender for all details.
Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions
My bet is the lender has just "coined" a different term for a Heloc...as my colleague suggested...inquire as to exactly what they mean....
John A Soricelli Jr (John A Soricelli Jr)
#167 ranked lender in California - 151 contributions
I concur.
Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions
I never heard this term either. ... I would avoid any lender using terminology that is not standard to the industry. ... Happy funding, Rudi
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