Types of Home Equity Loans
There are at least two types of home equity loans.
The first is a term or closed end loan and the second is
basically a line of credit. Most people prefer to refer to them
as a second mortgage because they are secured against your home
much like your first home loan or mortgage. Typically these types
of home equity loans usually have a payback life of between 5 and
The term loan is a one-time lump sum payment that is paid off
over a set amount of time. There is a fixed interest rate which
allows for the same loan repayment each month. After you get your
money you cannot borrow further from the loan.
A home equity loan line of credit works more like a credit
card. You are allowed to borrow up to a certain amount for the
life of the loan. The time limit is usually set by the lender of
the loan. During that time you can withdraw money as you require
it to purchase items or pay for things that interest you. As you
pay off the principal your credit revolves and you can use it
again. This credit line gives you more flexibility than a term
home equity loan.
Which ever of the two types of home equity loans that you
should use depends on your unique situation. You can base your
decision on some common questions such as how much money will you
need, how long will you need the money for, how long will you
need to pay the loan off and how much of a monthly payment can
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Refinance Calculator : Should You Refinance Your Mortgage?The Mortgage Reports (blog)That's why this mortgage refinance calculator shows monthly savings as well as lifetime savings. While you might save money each month by refinancing, it doesn't always mean you'll save money in the long run. Of course, there are other reasons to ...
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With these historic words Margaret Thatcher initiated an
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Online home mortgage quotes are very similar to the quotes
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Penalties - Just Say No
One of the most common terms found in a new home loan is a
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An adjustable rate loan, most simply stated, means that
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months and years. By adjusting the interest rate your
monthly payments might also change.
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Selecting the Right
Mortgage for You
A mortgage is a loan you take out to buy a home. This loan
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In today's world, a borrower should not be paying mortgage
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There are many mortgage products available on the market
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Refinancing Your Home
You're considering refinancing your home mortgage loan to
save money. Interest rates are the lowest they have been in
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Know Your Mortgage
While trying to find the lowest rates, many homeowners fail
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Commercial mortgages are similar to residential mortgages.
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Home Equity Loan - Is It
A Home equity loan has become an easy way to not only pay
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wads of cash for remodeling projects, vacations and more.
People have financed college educations with a home equity
loan, so your imagination is your only barrier.
Have Their Pitfalls
Rising home prices, particularly on the East and West
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nationwide, and the percentage of Americans who own their
homes is the highest it has ever been.
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