Basic Home Equity Loan Information
Homeowners who need to borrow large amounts of money have the option of taking out a home equity loan. In this article, you'll learn more about home equity loan information and whether or not one of these loans is the right thing for you. Before considering a loan of this type, you'll first need to make sure you have equity. Equity is calculated by subtracting the current amount of your mortgage from the current value of your home. If the current value of your home is $350,000 and your current mortgage amount is $300,000 for example, that means you would have $50,000 worth of equity.
Once you've established what your equity amount is, then you'll have a better idea of how much money you'll be able to borrow. Often, you will be permitted to borrow up to 75 percent of your current equity. Depending on how much equity you have, this can be quite a lot of money. You don't have to borrow the total amount you're qualified for, of course. You can choose to borrow less depending on your financial needs. Now let's talk about rates and terms. Home equity loans use fixed rates, which differ from the adjustable rate equity lines of credit. A fixed rate loan will always stay the same, unless you refinance. Shopping around for the best rates can save you money on the cost of your loan. When it comes to terms, you can choose a short term like five years, all the way up to a long term like thirty years. The terms you choose will depend on the amount of money you borrow and how much you can afford to pay each month.
Home equity loans can be used for a variety of different purposes. If you need money for debt consolidation, home repairs or improvements, or college costs, a home equity loan can be just the thing. There are alternatives to an equity loan, of course. They include things like home equity lines of credit and mortgage refinancing. If you're interested in these options, speak to a lender you trust to find out what they recommend for you. Choosing the right lender can go a long way towards getting the ideal loan for you. There are lots of choices out there, from banks and credit unions to mortgage lenders and even online lenders.
To find out more home equity loan information, contact a qualified lending company or follow the links on this page.
Copyright 2007 Jim Sterling - All Rights Reserved
Home Equity Loan News:
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Carrying a home mortgage into retirement can increase anxiety (MalaysiaNews.net) Q Could you answer a quick question about the housing bubble and the elderly? In your Nov. 28 column -- "Retirees wonder about home purchase: pay cash or get loan" you say: "It became c... | ||
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Borrowers must find the right programs for their needs and means (Inland Valley Daily Bulletin) Loan interest rates are at historic lows, but rates and loan types are different for everybody. A good mortgage broker or bank officer will help buyers know which kind of loan is the best fit... | ||
Lloyds sees mortgage share fall (Guardian Unlimited) Owner of Halifax admits rise in homeowners struggling to repay loans but bank has fewer borrowers in negative equity Lloyds Banking Group, which owns the country's biggest home loan lender, Halifax, suffered a fall in its share of the mortgage market last year. As it admitted that almost 80,000 of its mortgage customers were more than three months behind with their payments, the group said its ... | ||
White House extends refinancing program for troubled homeowners (Washington Post) The Obama administration announced Monday that borrowers with little or no equity in their homes will have another year to take advantage of a refinancing program that so far has made little progress... | ||
Atlantic Coast Federal Corporation Reports Fourth Quarter and 2009 Results - MarketWatch (press release)
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Is a Home Equity Loan Right For You? | ABC article directory Home equity loans are an extremely popular source of credit. Lenders offer dozens of varieties of loans making it very easy to tap the equity in your home. If you browse the marketplace online, you will find most of these loans come ... | ||
FHA loan allows for fix-up costs to be folded in mortgage (Berkeley Voice - Albany Journal) The WORDS ''as-is" can produce one scary phrase. Especially when buying a home in today's market where foreclosures and short sales that need fix-up work are plentiful... | ||
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