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Home Equity

The reverse mortgage is also an adjustable rate mortgage, but is unique because the homeowner (who must be 62 years or older) is at no time obligated to make monthly payments on the loan. The amount of the equity on the home is made available to the owner in full, in monthly advances or as a line of credit, only to be repaid after the life of the owner through the sale of the home or by the family if they would like to keep the home.

A home equity line of credit is like a home equity loan in that the house is used as collateral. However, home equity lines of credit allow borrowers to set up a credit line that can be used much like a credit card. During a period of time, usually five to ten years, the homeowner is able to take large or small amounts from the account until the drawing period ends or the amount of the loan is exhausted. This type of loan is an adjustable rate mortgage, which varies with the market.

Since home equity is something one already owns in a sense, home equity loans carry less risk than other loans. The benefit of this diminished risk is felt by the borrower through lower interest rates and lower monthly payments. Apply online to take advantage of the equity on your home.

Home equity is the amount of the value of your home that you own, meaning what you have already paid for. This amount can be calculated by subtracting your mortgage from the total market value of your home. For example a house worth $180,000 with a $100,000 mortgage has an equity of $80,000. Generally, lenders will allow a homeowner to borrow 80-85% of their home equity. Fill out our short form to contact lenders about your home equity loan. Alternatively, a secured home equity loans application can be found here.

 


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  Need Cash? Considering a Home Equity Loan? Why not get cash out from your equity and refinance in one process. Select ‘Refinance’ on the application and specify your ‘Cash-Out’.
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Mortgages : Mortgage Loans : Home Loans

  Loan Information
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   Want cash and a lower interest rate or monthly payment?
   Refinance again or for the first time and get cash back!
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Mobile Home / Manufactured Home Refinancing – must apply here instead
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  Home Lending Resources
Home equity can be obtained as a home equity loan or as a home equity line of credit. With a home equity loan you take out a one time amount and with a home equity line of credit you can take out continually over time… Debt Consolidation is popular method of eliminating high interest debts and reducing the number of bills you have to pay. Debt consolidations can also get you much needed cash out at the time of the financing… Reverse mortgages gets it name from from the way it works. Unlike a regular mortgage, the reverse mortgage works to generate income for the borrower through the equity that has been built up. However the consumer can tap this money without selling the home…
An interest only mortgage is a special kind of mortgage in which equity is not built in the home with monthly payments. These loans often last 5 – 10 years with lower monthly payments before being converted to a more traditional loan that pays down the mortgage balance… Various loan refinance finance options exist. You can choose to turn your refinance into a home equity loan and take cash out to pay for home improvements. You can also put a cap on an adjustable rate mortgage loan..

Mortgage lending services involve the borrower, real estate agent, mortgage broker, buyer and the underwriter. Communication flows between all of these parties directly or indirectly throughout the loan process…

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