A San Carlos home equity loan is a fully amortized, simple interest, fixed rate second mortgage. There is no change in the terms, or the payment of your existing first mortgage. You will pay less on a simple interest loan, when compared to credit cards that charge a variable rate with daily compounded interest. It is estimated that over a long term, you could pay up to ten times more on credit cards with compound interest, than you would on a fixed rate, simple interest loan.
