Home Equity Loan Basics
The American dream of owning your own home requires more and
more work to make it happen. You invest a lot of yourself into
getting your home, so it's just good sense that if you make that
large an investment, there should be some way that it will
eventually work for you. The best way to accomplish this is
through a home equity loan. This kind of loan lets you
borrow money based on the equity your
home has built up over the years. Equity is the difference
between the amount your home could be sold for and the amount
that you still owe on your mortgage. Home equity loans are
sometimes referred to as a second mortgage or borrowing against
your home.
Top Recommended Companies To Refinance With:
(updated ):
Act Now! Lower your monthly mortgage payment!
- Competitive rates and no hidden fees
- Bad Credit OK
- New Purchases, Home Equity & Refinance
- One dedicated mortgage banker from first call to closing
- Quick Application with worthwhile results
If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.
Mortgage rates are still low. Refinance & Lower Your Payment!
- Get Started on a Lower Payment Now!
- America's #1 Online Lender
- Save More and Spend Less!
- No Obligation and Free Expert Advice Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.
These loan can be either a
fixed rate or an adjustable rate mortgage. You can take the
money in a lump sum or you can be issued a revolving line of
credit. Home equity loans have a number of uses like debt
consolidation, home repairs, medical bills or college tuition.
Unlike other forms of consumer credit, the interest on a home
equity loan is usually tax-deductible.
Depending on your credit history and the
amount of your overall debt, you may be able to borrow up to 85%
of the appraised value of your home minus the amount you still
owe on your mortgage. The terms of these loans differ with each
lender, so you will want to ask if there is a minimum withdrawal
requirement when you open your account and whether there are
withdrawal requirements after your account is opened. Also, ask
your lender if there is a fixed time period during which you can
make withdrawals from your account; and when it expires, can you
renew your credit line? Some plans require that you pay your
full outstanding balance at the end of the withdrawal period
while others allow you to repay the balance over a fixed time.
Here are our recommended sources for home equity lenders online:
Top Recommended Companies To Refinance With:
(updated ):
Act Now! Lower your monthly mortgage payment!
- Competitive rates and no hidden fees
- Bad Credit OK
- New Purchases, Home Equity & Refinance
- One dedicated mortgage banker from first call to closing
- Quick Application with worthwhile results
If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.
Mortgage rates are still low. Refinance & Lower Your Payment!
- Get Started on a Lower Payment Now!
- America's #1 Online Lender
- Save More and Spend Less!
- No Obligation and Free Expert Advice Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.
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