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Home Equity Loans

Home equity loans are used in a variety of circumstances. Some home owners take advantage of the low interest rates and monthly payments that come along with home equity loans to pay off the remaining balance of a first mortgage. Others even use home equity loans to purchase a new, separate home. The most common use of one of these loans is home improvement, which is an excellent investment. The homeowner may take on extra debt as a result of the loan but in the process he or she generally raises the value of his or her home.

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Home equity loans come with fixed or adjustable rates depending on the type a borrower qualifies for. A straight-forward second mortgage comes with a fixed rate and a lump- sum advance of money. A home equity line of credit has an adjustable rate and uses the amount of equity much like a credit card. In this case the homeowner can borrow up to the amount of equity or simply take as much as he or she needs. This way if the home improvement project or college tuition turns out to be less than expected, the home owner can choose to take less. This way there is less to pay interest on and less to pay back.

Another option is a reverse mortgage, though this option is only available to home owners 62 years of age or older who owe little or nothing on their homes. A reverse mortgage is much like the home equity line of credit in that it has an adjustable rate and it can also work like a credit card. Homeowners also have the option of collecting the whole sum at once or in monthly advances. Through this loan, homeowners can arrange to receive a fixed sum every month for the rest of their life, even if the market value of their home depreciates. If the homeowner lives longer than is expected or if his home does not increase in value as expected, he or she may actually wind up with more money than the home is worth. Also, that loan is paid only after the life of the owner or if the house is sold, so at no point does the borrower feel the stress of monthly payments. Home equity loans give homeowners the opportunity to enhance the quality of their lives through improving their homes and by continuing their education. Apply for a home equity loan today.

There are a variety of loans based on the equity of a home that are available. Home equity loans, home equity lines of credit, and reverse mortgages are a few. A home equity loan, or second mortgage, is a secured fixed rate loan that uses property as collateral. This type of loan is given in a lump sum to be repaid monthly by the owner and is perfect for home owners wanting to fund home improvement or purchase a new car.

 


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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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Home equity loans are a way of borrowing against the equity of your home. A home equity loan can be financed at a great interest rate thanks to curren market conditions. Expo Financial can connect you with up to four competitive quotes… Mortgage leads generated online offer potential that telemarketing leads do not. Not only are the leads unsoliscted, they are also increasing in number every year as more and mroe borrowers turn to the interent for all of their needs… Current mortgage interest rates are determined by several indices such as: the prime rate, the U.S. Treasury Security Yield, the Federal Fund Rate, and the 11th District Cost of Funds rate…
If you are thinking of getting a home mortgage now is a great time. We offer fixed rate mortgages, adjustable rate mortgages, fha loans, va loans, contentional loans and home construction loans to individuals with the full range of credit history from terrible to perfect… Bad credit mortgages are possible with the help of a qualified mortgage broker specialized in helping those of us with less than perfect or tarnished credit history. At today’s rates it has never been a better time to buy a home…

VA Home loans are a blessing for former military families looking to get a mortgage. A VA Home loan can often be obtained with no money down and limited closing costs and very low mortgage interest rates…

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