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Home Equity Loans - 5 Useful Application Tips
Obtaining a home equity loan does not have to be a major ordeal. Unlike your first mortgage, you are already in the home, and usually time is not such a major factor. You can close the loan at your own leisure, and take your time researching the different options available to you. Below you will find five tips that will help you make the process as painless as possible. Remember that your best defense is a good offense, so understand the process and everything that is involved. Don't let your lender pressure you into something that you don't understand.
1. Get pre-approved! This is something that I would recommend for a first or second mortgage. The process will vary depending on your lender, but you can choose to get pre-approved or pre-qualified. The pre-qualification process allows both you and the lender to review your current financial situation. The lender will then determine how much you can probably borrow. There is no obligation and you are not locked into anything. Pre-approval goes a step further and is a more formal process. You will actually fill out an application, and a credit check will be run. The lender will then issue you a letter outlining the amount that you can borrow. You can then use this to expedite your loan, once you are ready to close.
2. Get your home appraised. When obtaining a home equity loan, the critical part of the puzzle is how much your home is worth. Don't be fooled into thinking that an appraisal is not necessary. Home values can fluctuate depending on the economy and your own city demographics. Any improvements that you have added to the home since its purchase can also increase this value. So find out at the very beginning how much your home is actually worth. This will help give you a ballpark figure of how much you can actually borrow.
3. Prepare yourself emotionally. A home equity loan seems like a simple way to get needed funds. But, it is important to remember that you have something major on the line with this type of loan. Your home! If you fail to repay your home equity loan, they could take your home. So, it is important that you discuss the process with everyone involved so they understand what this loan entails. Set up a budget for a few months prior to the closing, and set aside the extra monthly payment. You will also want to consider any life-changing events that may happen during the life of your loan. Are you planning on having a child? Changing jobs? Etc. All of these factors can alter your ability to repay your loan.
4. Do your homework. Knowledge is power. Make sure that you have all of the facts when it comes to choosing a lender and a mortgage program. If possible get information from several lenders, so that you can make an educated decision as to which one is the best for your particular situation.
5. Get your break from Uncle Sam! In most cases a home equity loan is tax deductible. So, make sure to keep all paperwork associated with your loan, including closing cost allocations. You may be able to deduct both interest and principal in some cases. Consult with your tax professional to find out how a home equity loan will affect your tax situation.
With a little bit of time and effort, you should have no trouble finding the right home equity product for your specific needs. By planning ahead and researching your options, you can rest assured that you made the best possible choice for you and your family.
John Ross is a freelance author, providing tips and ideas relating to home equity loans. You can find more of his articles at: home equity loan company, online home equity loans, and fixed rate home equity loan. The Loanchbox is a user friendly website designed to teach the basics behind home equity loans.
MORE RESOURCES updated Sun. June / 16 / 2019
As rates drop, mortgage refinancing surges but home purchase loans remain tepid USA TODAY
Homeowners scramble to refinance mortgages as rates hit the lowest level in 17 months. But mortgage applications for home purchase rose just 0.5%.
Mortgage Rates Drop Again -- Homeowners Can Save Hundreds Per Month By Refinancing Forbes
Mortgage rates are continuing their downward spiral. The average rate on a 30-year fixed-rate loan has dropped to just 3.82%—down from 4.54% last June and ...
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As mortgage rates fell to the lowest level since September 2017, mortgage applications surged 26.8% last week, led by an increase in refinancing.
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As mortgage rates plunge, should you refinance? Fox Business
Nearly 6 million people can now cut their mortgage payments with refinancing.
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As mortgage interest rates drop, homeowners could save hundreds per month by refinancing. However, it's not a smart financial decision for everyone.
Mortgage Applications, Refinances Surge After Interest Rate Drop Forbes
Thanks to low mortgage rates and slowing home prices, mortgage applications and refinances soared last week.
Does refinancing your mortgage make sense as interest rates fall and why these couples say they’ll never move in together - MarketWatch
Does refinancing your mortgage make sense as interest rates fall and why these couples say they’ll never move in together MarketWatch
Happy Thursday, MarketWatchers! Don't miss these top stories: Personal Finance. The filthy mistake you're likely making in the kitchen — and its simple $14 ...
Mortgage refinancing jumps as rates tumble but loans for home purchases drop again USA TODAY
Mortgage rates fell for the fourth straight week leading to a surge in refinancing. But mortgage applications for home purchases fell.
Nearly 6 million people can now cut their mortgage payments with refinancing The Gazette
The average interest for 30-year fixed-rate mortgages is nearing 4 percent again, ushering the way for millions more homeowners to save money by refinancing.
Refinance rates dip for Tuesday Bankrate.com
Several closely watched refinance rates sunk lower today. If you're shopping for a refi, see how that could affect you.
As mortgage rates plunge, millions more homeowners can benefit from refinancing CNBC
There are now about 5.9 million borrowers who could see their rates drop by at least 75 basis points by refinancing their mortgages.
Refinance mortgage rate advances for Saturday Bankrate.com
Refinance rates were mixed, but one key rate floated higher. If you're shopping for a home loan, see what that means for you.
Falling Mortgage Rates Spur Application Frenzy The Wall Street Journal
Consumers are taking advantage of an unexpected decline in interest rates to buy homes and refinance their mortgages.
Refinance rates tick lower for Friday Bankrate.com
Multiple benchmark refinance rates ticked downward today. Average rates nationwide for 30-year fixed and 15-year fixed refinances both trended down.
Airbnb adds another mortgage refinancing partner Inman.com
Guild Mortgage has become the latest home loan provider to treat short-term rental revenue from Airbnb as income for homeowners applying to refinance their ...
Refinance mortgage rate moves higher for Friday Bankrate.com
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Mortgage rates extend decline, sinking to 16-month lows The Washington Post
After five weeks of declines, mortgage rates are at their lowest levels in 16 months. According to the latest data released Thursday by Freddie Mac, the 30-year ...
Mortgage rates lower for Tuesday Bankrate.com
Several benchmark mortgage rates declined today. If you're shopping for a mortgage, see what that means for you.
Refinance mortgage rate advances for Thursday Bankrate.com
Refinance rates were mixed, but one key rate rose. See what that means for your refinance chances.
Refinance rates retreat for Monday Bankrate.com
Several closely watched refinance rates fell today. If you're in the market for a home loan, see how your payments might be affected.
Refinance mortgage rate moves higher for Monday Bankrate.com
Refinance rates were mixed, but one key rate ticked up. If you're shopping for a mortgage, see how your payments might be affected.
Mortgage refinance candidates swelled by 2 million in May National Mortgage News
The most borrowers in three years currently qualify for refinancing as the average for the 30-year fixed-rate mortgage dropped below 4% for the first time in over ...
Leading mortgage lender Quicken Loans sees record loan volumes CNBC
"We're having record months. This quarter will be the largest quarter in the company's history," Quicken Loans CEO Jay Farner says.
Refinance rates tick lower for Thursday Bankrate.com
Several closely watched refinance rates sunk lower today. If you're in the market for a home loan, see what that means for you.
Mortgage Investors' Refinance Concerns Rise With Rate Rally Bloomberg
Mortgage prepayment speeds may rise with the strong U.S. rate rally, and that may be cause for alarm for mortgage investors.
Weekly mortgage applications drop 3.3%, as spring housing season draws to a close CNBC
Mortgage applications to purchase a home have now fallen for three straight weeks.
Millennial refinances see jump amidst dropping mortgage rates | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Millennial refinances see jump amidst dropping mortgage rates | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
It seems Millennial homeowners are taking advantage of lower mortgage rates. According to new data, Millennial refinances have officially hit their highest point ...
Mortgage Rates Just Had Another Awesome Week Mortgage News Daily
While we can't say that this week's best mortgage rate offerings were quite as good as last week's best, they were pretty darn close. In fact, quite a few lenders ...
Mortgage Rates Drop and Stock Market Rises – Market Update Zing! Blog by Quicken Loans
Mortgage rates continue to fall and the stock market was up despite a weak jobs report. That and more coming in Market Update!
America's homebuyers are saving big as interest rates continue to decline HousingWire
Mortgage borrowers who shopped around last week could've saved $42137 the life of a $300000 loan, according to LendingTree's Mortgage Rate Competition ...
Mortgage refinance booms are a thing of the past: MBA chief economist National Mortgage News
The era of plentiful refinance volume is over for the foreseeable future, because mortgage rates remained in a very narrow band for the past decade, said ...
Dave Ramsey: Mortgage refinancing idea misses the point PostBulletin.com
Dear Dave, I recently started following your plan, and I've looked into refinancing the home I bought five years ago to free up more money to put toward paying ...
Mortgage rates move down for Wednesday Bankrate.com
Multiple closely watched mortgage rates receded today. If you're in the market for a mortgage, see how your payments might be affected.
Mortgage rates move higher for Tuesday Bankrate.com
Multiple closely watched mortgage rates rose today. The average for a 30-year fixed-rate mortgage were higher, but the average rate on a 15-year fixed receded ...
Mortgage rates today, June 13, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
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Average mortgage rates yesterday moved a little lower, roughly in line with our prediction. It wasn't a big drop. But it was welcome, coming as it did straight after ...
Key mortgage rate climbs for Monday Bankrate.com
Mortgage rates diverged today, but one key rate was higher. The average for a 30-year fixed-rate mortgage trended upward, but the average rate on a 15-year ...
Mortgage rates fall for Tuesday Bankrate.com
Multiple benchmark mortgage rates trended down today. The average rates on 30-year fixed and 15-year fixed mortgages both declined. The average rate on ...
Fannie Mae and Freddie Mac are refinancing fewer mortgages than at any point since the crisis - HousingWire
Fannie Mae and Freddie Mac are refinancing fewer mortgages than at any point since the crisis HousingWire
Recently released data from the Federal Reserve Bank of New York's Center for Microeconomic Data revealed that the first quarter of this year was the mortgage ...
Treasury Yields May Take Another Step Down Thanks to Mortgages Yahoo Finance
(Bloomberg) -- The mortgage market was supposed to be quiet this year, but suddenly it's moving the biggest bond markets. When Treasury yields started falling ...
Refinance mortgage rate ratchets higher for Tuesday Bankrate.com
Refinance rates were mixed, but one key rate climbed higher. See what that means for you if you're in the market for a home loan.
Kenya launches mortgage refinance firm to offer loans to lenders - Xinhua | English.news.cn - Xinhua
Kenya launches mortgage refinance firm to offer loans to lenders - Xinhua | English.news.cn Xinhua
NAIROBI, May 22 (Xinhua) -- Kenyan President Uhuru Kenyatta on Wednesday launched the Kenya Mortgage Refinance Company (KMRC), a financial ...
DEAR DAVE: If you cant afford a 15-year mortgage Wicked Local
Dear Dave,Is there ever a time when a 30-year mortgage is better than a 15-year mortgage?JulieDear Julie,Let's see, how should I put this? No! If you can't ...
Just Approved: Divorcee refinances, removes ex from mortgage and lowers her monthly bills - San Francisco Chronicle
Just Approved: Divorcee refinances, removes ex from mortgage and lowers her monthly bills San Francisco Chronicle
Mortgage adviser: Brenda Wyatt. Property type: Single-family home in Lakeshore Terrace. Loan type: Conventional refinance. Purchase price: $670000.
US Mortgage Rates - 30-Year Rates Steady while Applications Surge FX Empire
30-year fixed mortgage rates hold steady, with the U.S - Mexico agreement offsetting the effects of weak economic data out of the U.S.
Cuyahoga County to Sell, Refinance Bonds for Rocket Mortgage FieldHouse Repairs Arena Digest
By refinancing previous bonds and issuing new bonds, Cuyahoga County will cover repairs at Cleveland's Rocket Mortgage FieldHouse.
$23 Million Secured for Refinance of "Hudson Heights" Multifamily Property in Union City Benzinga
Union City, NJ, June 16, 2019 --(PR.com)-- Brad Domenico, Partner at Progress Capital negotiated $23,353,000 for the refinance of a newly constructed ...
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If you're retired and applying for a home loan, you're more likely to submit information about your pension and your 401(K) than a W-2.
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VA loan *service* requirements are important when it comes time to get a VA mortgage. Depending on your *service* status it's possible to avoid funding fees.
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Kyrsten Sinema's bill to help veterans with their mortgages likely headed to Trump's desk - AZCentral
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Sen. Kyrsten Sinema's first piece of legislation to pass the Republican-controlled Senate aims to better protect veterans from predatory home loan practices.
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Applications for New Home Purchases Up 20%, Mortgage Rates Mostly Steady - National Mortgage Professional Magazine
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Mortgage applications for new home purchases in May were up by a scant 0.1 percent from April and were up by a robust 20.1 percent from one year ago, ...
Cuyahoga County to borrow up to $40.5M for arena, ball field upgrades and repairs, refinance another $40M in bonds - cleveland.com
Cuyahoga County to borrow up to $40.5M for arena, ball field upgrades and repairs, refinance another $40M in bonds cleveland.com
The county is liable for repair and capital improvement works under the terms of leases the Cleveland Indians and Cleveland Cavaliers have with the Gateway ...
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For the last several years, much of the narrative surrounding the housing business (and HousingWire is just as guilty of this as anyone) has been focused on the ...
Mortgage refinance boom goes bust as rates shift higher CNBC
A turnaround in interest rates turned borrowers back on their heels last week, deflating a quick boom in refinance demand.
Refinance mortgage rate ticks higher for Monday Bankrate.com
Refinance rates were mixed, but one key rate notched higher. See what that means for you if you're in the market for a home loan.
Statewide Meetings Held on Student Loans urbanmilwaukee
Governor's task force holds meetings across Wisconsin to understand crisis, find answers.
Mortgage rates are low. Here's how to figure out if you should refinance NBC News
Low mortgage rates have many people thinking about buying a new home or refinancing their current mortgage.
Here Are Best And Worst Reasons To Refinance Your Mortgage Bankrate.com
Whether you've owned your home for a short time or you've had your mortgage a bit longer, a mortgage refinance involves careful consideration. After all, you'll ...
Mortgage refinancing spree becomes a race against the clock Bankrate.com
Some 2.43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ...
5 Signs It's Time To Refinance Your Mortgage Forbes
You've probably heard that refinancing your mortgage can save you money. While that's true in many cases, refinancing needs be done at the right time in order ...
Homeowners should turn themselves into real estate investors | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Homeowners should turn themselves into real estate investors | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
If you've ever been tempted by real estate investing, now might be the perfect time to turn your dream into reality. Because the factors that can lead to success ...
Housing Market May Be Slowing Based On Qualification Stigma ETF Trends
According to a recent Fannie Mae survey, the majority of consumers now think it is much harder to qualify for a home loan.
Tips to help you in the assessment of a refinanced mortgage Sydney Morning Herald
A loan taken out two or three years ago was based upon different metrics and lender requirements and you will need to meet new criteria.
Home Equity Loan Site Receives Top Honor from TopConsumerReviews.com STL.News
OVERLAND PARK, KAN./ JUNE 13, 2019 (STL.News) TopConsumerReviews.com recently awarded their highest five-star rating to LendingTree, an industry.
What to consider before determining whether to refinance your mortgage Washington Post
REAL ESTATE MATTERS | For a home-run refinance, try to find a deal that helps you do these four things: lower your interest rate, shorten your loan term, lower ...
Confidence in the US housing market grows Miami Agent magazine
Two recent measures of Americans' confidence in the national housing market improved in the last month, showing that more homeowners as well as ...
Refinance Your Mortgage Quickly: Prequalify in Just 3 Minutes Credible News
Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind.
Refinance mortgage rate moves higher for Wednesday Bankrate.com
Refinance rates were mixed, but one key rate were higher. See what that means for you if you're in the market for a mortgage.
Refinance mortgage rates mixed for Monday Bankrate.com
Refinance rates were mixed today. If you haven't locked a refi yet, see how your future mortgage payments could be affected.
Refinance mortgage rate ticks higher for Saturday Bankrate.com
Refinance rates were mixed, but one key rate increased. If you're shopping for a mortgage, see how your payments might be affected.
Mortgage refinance checklist: what you need to refinance your home | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage refinance checklist: what you need to refinance your home | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
This handy mortgage refinance checklist tells you what you need to do before refinancing. Get your paperwork in order and know your refinance goals to speed ...
Refinance mortgage rates mixed for Thursday Bankrate.com
Multiple benchmark refinance rates were flat today. If you're in the market for a mortgage, see how your payments might be affected.
Mortgage refinance applications hit 18-year low CNBC
Mortgage refinance applications hit an 18-year low. With no major move in interest rates and continued weakness in home affordability, there was not a lot of ...
Can You Use a Mortgage Refinance to Pay Down Debt? The Motley Fool
Find out if you can use a mortgage refinance loan to pay down debt -- and if it's a good idea to do so.
Refinance mortgage rate drops for Tuesday Bankrate.com
Refinance rates were mixed, but one key rate trended down. If you're shopping for a refi, see how that could affect you.
Cash-out mortgage refinancing: Here’s where homeowners are using it most Bankrate.com
Homeowners who snagged a low-interest mortgage in recent years generally avoid refinancing the loan because interest rates are higher now. When they need ...
Refinance mortgage rate drops for Friday Bankrate.com
Refinance rates were mixed, but one key rate ticked downward. If you're shopping for a refi, see how your future mortgage payments could be affected.
Did you refinance your home mortgage last year? You can still qualify for often-overlooked deductions - MarketWatch
Did you refinance your home mortgage last year? You can still qualify for often-overlooked deductions MarketWatch
f you refinanced your home mortgage last year, you may be in line for some often-overlooked tax deductions on your yet-to-be-filed 2018 Form 1040.
Still haven’t refinanced your mortgage? You still have an opportunity to save big Bankrate.com
Mortgage rates seem to be the only thing that's affordable in today's low-inventory, high-priced housing market. This is good news for both homebuyers and ...
Refinance rates dip for Wednesday Bankrate.com
Multiple key refinance rates slid lower today. If you're in the market for a mortgage, see how your payments might be affected.
What homebuyers and refinancers should know about timing mortgage rate movements Bankrate.com
It's important to remember that you have options when it comes to your mortgage and trying to predict interest rate movements. The options, however, get more ...
Can You Refinance a Reverse Mortgage? | US U.S News & World Report Money
Refinancing a reverse mortgage may be best for adding a spouse to the loan, getting a better interest rate or accessing more home equity.
Refinance mortgage rate eases for Monday Bankrate.com
Refinance rates were mixed, but one key rate slid lower. See what that means for you if you're in the market for a home loan.
Refinance rates rise for Friday Bankrate.com
Multiple closely watched refinance rates notched higher today. See what that means for you if you're in the market for a home loan.
Banks may refinance more mortgages despite Sinn Féin move, ratings agency says The Irish Times
Bill would require lenders to get borrowers' consent to sell on their loans,
Homeowners are rushing to refi mortgages as rates drop The Real Deal
Homeowners throughout the country are looking to refinance their mortgages thanks to lower borrowing costs, contributing to a sharp government bond rally.
Mortgage application increase led by higher refinance volume National Mortgage News
Mortgage applications increased last week but unlike the prior period, it was driven by refinance volume as interest rates fell to a one-year low, according to the ...
Refinance mortgage rate advances for Tuesday Bankrate.com
Refinance rates were mixed, but one key rate floated higher. See what that means for your chances of getting a better mortgage rate.
Refinance mortgage rate moves lower for Wednesday Bankrate.com
Refinance rates were mixed, but one key rate fell. The average for a 30-year fixed-rate refinance trended down, but the average rate on a 15-year fixed refinance ...
Refinance rates tick lower for Monday Bankrate.com
Several closely watched refinance rates dropped today. If you're shopping for a home loan, see what that means for you.