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Home Equity

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.

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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.

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.

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.

 


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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 Lending Resources
Home equity is the value in your home that you have already paid down in your monthly payments ( minus interest ). Your home equity can be used to take out another low interest loan to finance a large purchases or pay for an unexpected need. Get up to four competitive rate quotes today… Mortgage payment calculators can be found on this web site. All calculations are taken to be estimates only. Once you have estimated your loan payments you can try for that rate with as many as four lenders via our single application… Unsecured loans can be obtained without collateral to consolidate debts or make purchases. If you have bad credit an unsecured loan may be your best option and timely repayment will help you improve your credit history in the process…
Compound interest calculators make the tedious task of figuring out how much you will earn in a future value problem. All you need to know is your interest rate and your principal and the calculation is easy… Loan amortization is an additional output from our free mortgage payment calculator. You can print the amortization table and save it for your records. The amortization will show you what your yearly interest paid is on your 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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