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Home Equity Loans 101
A secured home loan differs from an unsecured loan in that the secured loan borrows against one's home as collateral, thereby reducing the risk to the lender.
As such, secured home loans often offer better interest rates than unsecured loans, but offer higher risk to the borrower, as defaulting on these loans can have greater consequences, such as fines, or even possible repossession of the home originally put up as the secured collateral (subject to the amount of the loan, of course).
As the interest rates for secured home loans are usually significantly lower than unsecured loans, more of the monthly payment goes towards paying off the capital, rather than paying the accrued interest.
The monthly payments are often more flexible in secured loans, affording the borrower more leeway in working out a payment plan that fits his or her needs. However, care must be taken not to use this as justification for taking out such a loan, as it is a financial contract between lender and borrower.
There can be a number of reasons for taking out a secured loan, such as debt consolidation of high-interest loans, financing for remodeling, or repayment of college or car loans. Most lenders offering these types of loans recommend loan repayment insurance, to guard against an inability to pay on the loan for a time due to factors such as illness, losing a job or other unexpected occurrences.
Before taking on a substantial loan such as a secured home loan, a careful analysis of personal finances is in order. Having a friend or an accountant or finance officer assist in this process can save trouble and headaches later, as they may bring up issues and/or expenditures unthought-of, issues such as examining how much is spent on morning mochas at a favorite coffee shop? An outside perspective can often help clarify these matters so a better-informed decision can be made.
If proper planning and care is taken, a secured home loan can be a valuable tool for managing personal debt. Talking to a loan officer or financial advisor at a major lending institution can help make these possibilities a reality, and can be a step towards the realization of financial freedom.
Frank Kelly is a freelance writer. Years ago he was an employee who regularly used payday loans to get thro the month. Then he disocvered the better alternative of a home equity loan.
Discover useful advice and information about home equity loans. Website contains articles and advice about home equity loans. http://www.homeequityloans-cheap.com/
MORE RESOURCES updated Fri. August / 14 / 2020
Is Now the Time To Refinance Your Mortgage? The New York Times
Low rates drive surge in mortgage, refinance activity in Spokane Spokane Journal of Business
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business
FHFA Drops a Bomb; Your Refi Just Got Much More Expensive! Mortgage News Daily
6 Ways to Negotiate Home Closing Costs Credible News
Refi Rates Today, August 10, 2020 | Rates drop Bankrate.com
How Regulators Might Kill 2020 Mortgage Refinance Boom Yahoo Finance
Don't make these mortgage refinancing mistakes | Business | swoknews.com The Lawton Constitution
Refi Rates Today, July 24, 2020 | Rates slide Bankrate.com
Is It Already Time To Refinance Again? Mortgage News Daily
New FHFA adverse market fee is disastrous for lenders National Mortgage News
You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect - CNBC
What Is A No-Closing-Cost Mortgage? Bankrate.com
How to Refinance a Jumbo Loan Credible News
Friday's business headlines WISHTV.com
Hotels lobby for big bailout from Congress Orlando Sentinel
How the right questions yield smart mortgage... Kent Reporter
Mortgage industry faces 'tsunami' of refinancing deals Phoenix Business Journal
Mortgage refinance: Everything you need to know Fox Business
How to get the best mortgage refinance rates Fox Business
How to refinance your mortgage Fox Business
How to Decide Whether Refinancing is Right for You? Communal News
Is now the best time to refinance your mortgage? Fox Business
10 things to know before refinancing your mortgage Fox Business
5 unexpected sources of retirement income Fox Business
When should you refinance your mortgage? Fox Business
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
How does mortgage refinancing work? Bankrate.com
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears CNBC
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
The impact of the coronavirus on mortgage refinancings Brookings Institution
Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway - MONEY
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway MONEY
The basics of no-closing cost mortgage refinancing Fox Business
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years - CNBC
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years CNBC
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For - Forbes
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For Forbes
Compare Today's Mortgage Refinance Rates: Aug 13 Credible News
Should you join the rush and refinance your mortgage now? Washington Post
What to Know in Washington: Trump, Pelosi Make Opposing Bets Bloomberg Government