Understanding Home Equity Loans
 |
If you're a homeowner then I am willing to bet that you have heard about home equity loans. These loans are secured using the equity in your home. Equity is determined by examining how much you've paid so far on your mortgage and what the value of your home is. The amount of money you're allowed to borrow will depend on how much equity you have. Most lenders will allow you to borrow up to 75 percent of your current equity. This is often the only way many people can access the large sums of money they need.
There are numerous reasons why you might want or need a home equity loan. For example, some people might use a loan such as this to pay college costs, buy a new vehicle or make home improvements. Still others decide to consolidate their debt with the money they borrow. Debt consolidation via an equity loan is a popular method for homeowners to improve their credit. This simply means you add up all your debt then use your loan to pay it all off. This leaves you with only one payment rather than multiple payments to different creditors. Speaking of credit, you might be wondering if you can get approved for one of these loans if you have bad credit. Often, you can, because your home acts as collateral. Some lenders even specialize in granting loans to people with bad credit.
One alternative to an equity loan (which has a fixed term and interest rate) is a HELOC, or home equity line of credit. A home equity line of credit is similar to a regular credit card. The difference is that your home is used to secure the line of credit. If you're going to be buying various things or using the money in various places, a HELOC might be a good alternative to an equity loan. Your lender can help you decide which method is best for you.
There are all kinds of lenders out there offering home equity loans with all kinds of different terms. Banks, credit unions, mortgage lenders, even online companies are actively advertising their loans. It helps to compare rates and contact several lenders to ensure you get the best rate possible on your loan. Just make sure that you can afford the monthly payments, because your house will be on the line. To find out more about this subject, follow the links on this page for more information.
Copyright 2007 Jim Sterling - All Rights Reserved
Home Equity Loan News:
| Business Wire - Lasting Legacy: Grandparents Are Willing To Give The Gift Of Education November 5, 2008 -- Research from The Hartford shows most grandparents plan to contribute to grandchildren's college education, but have not discussed it with their... | |
Texas Capital Bancshares Applies to Participate in U.S. Treasurys . - Businesswire.com DALLAS--( BUSINESS WIRE )--Texas Capital Bancshares, Inc. (NASDAQ: TCBI) announced today that it has filed an application to participate in the U.S. Department of Treasury's voluntary Capital Purchase Program ("CPP" or "Program"). Texas Capital has ... | |
Business Wire - Fitch: U.S. Credit Card Losses Could Surpass Historical Peaks in 2009 November 3, 2008 -- NEW YORK -- Rising job losses, volatile energy prices, and the absence of refinancing options like low-rate balance transfers and home equity loans... | |
WRAPUP 2-US lawmakers, Treasury lock horns on foreclosures - Interactive Investor
| |
Citi Issue Warning on Stocks EUR¦ equity deals that worry us". There are worries about the health of the US economy, the valuations of takeover stocks in Australia (such as in the media and retailing), worries EUR¦.. | |
Equity Loan Rate EUR Home Equity Loan Rate Equity Loan Rate EUR Home Equity Loan Rate Does anybody know about equity loan rate? I want to know about home equity loan rate. Please inform me if anybody knows about equity loan rate Thanks... | |
Fitch Affirms FMC Real Estate CDO 2005-1; Assigns Outlooks - Businesswire.com NEW YORK--( BUSINESS WIRE )--Fitch Ratings affirms and assigns Rating Outlooks to FMC Real Estate CDO 2005-1 Ltd. (FMC 2005-1) as follows: --$131,825,000 class A-1 at 'AAA'; Outlook Stable; --$43,941,000 class A-2 at 'AAA'; Outlook Stable; --$43,941 ... | |
Simple Tips to Get a Lower Mortgage Interest Rate Simple Tips to get a Lower Interest RateA good credit score translates into lower interest rates for home borrowers. From the mortgage lender’s perspective, the higher your score is, the less risk you are. The lower the risk the more likely it is you will pay off your debt. For this reason, it is the borrowers [.] | |
Foreclosure: Rutter - Farmington Independent THAT all pre-foreclosure requirements have been complied with; that no action or proceeding has been instituted at law or otherwise to recover the debt secured by said mortgage, or any part thereof; PURSUANT, to the power of sale contained in said ... | |
Business Wire - Alliance Bankshares Reports 3rd Quarter 2008 Results November 5, 2008 -- Continued positive progress seen in non-performing assets CHANTILLY, Va. -- Alliance Bankshares Corporation (NASDAQ: ABVA) today reported a third... | |
PR Newswire - Sell Your House Without Moving - Rent My House Back November 6, 2008 -- LIVERPOOL, England, November 6 /PRNewswire/ -- The recent credit crunch has affected everybody in a bad way, thousands of people are not being able... | |
Home Warranty of America Speaks with Tax Expert about Key Details of . - Biloxi Sun Herald BUFFALO GROVE, Ill., Nov. 18 /PRNewswire/ -- No matter what the circumstances, from job loss or illness to changing market conditions, there's a lot of stress a homeowner goes through in a foreclosure or a short sale of their home. As the Government ... | |
JPMorgan ups forecast for home equity loan losses - MSN MoneyCentral NEW YORK (AP) - JPMorgan Chase & Co. has ratcheted up its expectations for losses from deteriorating home equity loans, CEO Jamie Dimon said at a banking conference Wednesday. The bank's home equity loan losses could rise as high as $850 million over ... | |
WRAPUP 2-US lawmakers, Treasury lock horns on foreclosures - FXstreet.com The Foreign Exchange Market
| |
Who Will Be Aided By New Government Mortgage Program? Instead, these borrowers have the option to tap that home equity, either by refinancing or taking out a home equity loan, to get current with their payments. And some borrowers are simply too far gone to help according to Brad German, ... | |
US lawmakers, Treasury lock horns on foreclosures - Forbes
| |
Credit Card Debt: Eight Ways Out I recommend a home equity loan (HEL) rather than a home equity line of credit (HELOC) because you wont be tempted to add new debt on top of the credit card debt youre already trying to repay. (Also, do NOT use those credit cards again ... | |
Technorati Tags: Debt Home Equity Loan, Understanding Home Equity Loans, Home Equity Loans
-
Translate this page:
- Home Equity Loans
- Mark's - All About Real Estate Blog
- Bad Credit Home Loan
- California Home Equity Loans
- Fatal Credit Mistakes
- Debt Consolidation Loan
- Equity Home Loan Mortgage
- Fast Home Equity Loans
- Fixed Rate Home Equity Loan
- Home Equity Loan Calculator
- Home Equity Loan Information
- Home Equity Loan Interest Rate
- Home Equity Loan Line Of Credit
- Home Equity Loan Orange County California
- Home Equity Loan Refinancing
- Home Equity Loan Taxes
- Home Equity Mortgage Loan
- Home Loan Questions
- Home Mortgage Refinancing
- Lowest Home Equity Loan Rates
- Refinance Home Equity Loan
- Reverse Mortgage vs Refinancing
- Taxes on Home Equity Loans
- VA Home Loans
- Social Bookmark This
- Privacy Policy
- Sitemap