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Home Equity Loans

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.

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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.

Home equity loans are second mortgages that are based on the equity or value of your home, which can be determined by subtracting your mortgage from the total value of your home as listed by current market prices. This equity is a great resource for homeowners needing to fund a college education or expensive home improvements. Apply online to contact up to four lenders who specialize in home equity loans.

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.

 


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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 amount of the value of your home that you own, meaning what you have already paid for. Home equity loans are a great way to take advantage of this equity to finance other large purchases such as home improvements or the purchase of a second home… A second mortgage is similar to a home equity loan because the size of the second mortgage you can obtain is usually based somewhat upon how much equity you have built up in your home to give you borrower credibility… Mortgage brokers make finding loans to suit individual needs their business. Experienced mortgage brokers can obtain good interest rates from banks for your credit history and debt to income ratio…
Debt consolidation loans are provided to combine monthly payments and lower the monthly obligation by spreading out your loan over a longer period of time. At today’s rates a debt consolidation loan is a great option for eliminating credit card debts… Reverse mortgages can be setup to give immediate cash or an income on a monthly basis. If you are an elderly homeowner who would like to use your homes value as your nest egg for retirement you can turn it into a source of monthly income…

Mortgage payment calculator outputs can help you estimate the cost of your monthly payments on a new home loan. If you decide to print an entire amortization table you can also factor in extra monthly payments and see how they save you in interest costs…

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