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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 15 years.

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 you afford.

Timothy Gorman is a successful webmaster and publisher of Military-Loans-Online.com. He provides more free financial information and types of home equity loans that you can research in your pajamas on his website.

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TODAYS NEWS BY OFFICEJAX FREE ADVERTISING AND AD EXCHANGE SOLUTIONSMORE RESOURCES updated Mon. January / 21 / 2019

Mortgage refinancing spree becomes a race against the clock  Bankrate.com

Some 43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ...


Unpaid federal workers can sidestep rules to apply for cash-out mortgage refinance  Bankrate.com

As the partial government shutdown drags on with no end in sight, furloughed federal workers are faced with mounting financial obligations and a variety of relief ...


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 ...


Prepayment activity hits 10-year low as mortgage refinancing decreases  National Mortgage News

Continual declines in the refinance share of mortgage originations led to prepay rates dropping to their lowest levels since 2009, according to Black Knight.


Refinance mortgage rate moves higher for Monday  Bankrate.com

Refinance rates were mixed, but one key rate trended upward. If you're in the market for a mortgage, see how your payments might be affected.


VA cash-out refinance: Don't get swindled by (equity) strippers! | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

On December 20, 2018, the federal government created some protective guidelines for homeowners. These safety measures concern the cash-out VA refinance.


Refinance mortgage rate slides for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate dropped. The average rate nationwide for a 30-year fixed-rate refinance receded, but the average rate on a ...


Mortgage applications plummet nearly 10% to end 2018, despite lower rates  CNBC

The numbers are surprising, given that homebuyers and homeowners looking to refinance could have taken advantage of lower interest rates.


Mortgage applications surge 13.5% as borrowers rush to take advantage of lower rates  CNBC

That is its highest level since February and came after a 23 percent jump the previous week. Volume was just 0.5 percent lower than a year ago.


Quicken, New American top ranking of best mortgage lenders | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

The best mortgage lender depends largely on what type of transaction you're dealing with, as well as the size and type of your loan. But according to new ...


Senior Life: How cash-out refinancing can turn into a costly mistake  The Delaware County Daily Times

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Refinance rates increase for Saturday  Bankrate.com

Multiple benchmark refinance rates moved higher today. See what that means for your refinance chances.


Thanks to lower mortgage rates, 550K homeowners could save by refinancing | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

If you already own a home, it might be time to think about refinancing. According to new data, more than half a million homeowners could lower the mortgage ...


Refinance mortgage rate slides for Friday  Bankrate.com

Refinance rates were mixed, but one key rate slid lower. If you haven't locked a refinance yet, see how your finances could be affected.


Refinance rates move higher for Friday  Bankrate.com

Several key refinance rates were higher today. The nationwide average for a 30-year fixed-rate refinance cruised higher, but the average rate on a 15-year fixed ...


Refinance rates move lower for Friday  Bankrate.com

Several benchmark refinance rates receded today. See what that means for your chances of getting a better mortgage rate.


Refinance rates slide for Saturday  Bankrate.com

Multiple closely watched refinance rates were down today. If you're in the market for a refinance, see how that could affect you.


Refinance mortgage rates mixed for Tuesday  Bankrate.com

Refinance rates were mixed today. If you're in the market for a refi, see how that could affect you.


Mortgage rates drop below 4.5%. Homeowners scramble to refinance | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Mortgage rates have been falling since November, but the American consumer is just now noticing. A mini refi boom has started as homeowners are starting to ...


Dropping mortgage rates near levels that could lead to more refis  National Mortgage News

Falling mortgage rates have reached the point where they are spurring speculation about a possible resurgence in refinancing, according to an FTN Financial ...


Plunge in rates sparks 23.5% spike in mortgage applications after unusually weak holidays  CNBC

Homebuyers returning to the market after the holidays may have been inspired by the drop in rates, but stock market volatility and the government shutdown ...


U.S Mortgages – Rates Hold Steady, While Applications Rise Further  Yahoo Finance

Mortgage rates hold and is that the new bottom? The government shutdown and U.S – China trade talks will likely decide…


LendingTree: Share of borrowers with rates under 5% is shrinking  HousingWire

As rates increase, the share of borrowers with rates under 5% is getting smaller. According to LendingTree's Mortgage Rate Competition Index, borrowers with ...


Cronheim Mortgage Secures $5M Refinancing for Retail Center in New Jersey  REBusinessOnline

SPRINGFIELD, N.J. — Cronheim Mortgage has secured a $5 million loan to refinance an 80,000-square-foot retail center in Springfield. The seven-acre ...


Veterans Pay High Price as Lenders Push Cash-Out Home Loans  Bloomberg

Eric Kandell is making his pitch to veterans. Wearing a red T-shirt, with the words “Low VA Rates” emblazoned across his chest, he looks fit and muscular, as if ...


Better Mortgage Launches Emergency Refinance Program to Help Government Workers Currently Furloughed or Working without Pay  PRNewswire

NEW YORK, Jan. 17, 2019 /PRNewswire/ -- Better Mortgage, one of the leading digital mortgage lenders in the U.S., today announced that it has launched a...


Mortgage rates stand pat as federal shutdown creates uncertainty about economy  The Washington Post

Without access to the usual economic data because of the federal government shutdown, mortgage lenders are left with a murky picture of where the economy is ...


The 4 most common mortgage and real estate scams and how to stop them  Bankrate.com

In 2017 alone, 9645 victims reported real estate fraud, resulting in losses of more than $56.2 million, according to data from the Federal Bureau of Investigation's ...


Why mortgage lending at Wells Fargo, Chase and Citi plunged  MarketWatch

Mortgage lending at three of the country's biggest banks has fallen off a cliff as customers pivot to online-only options and stop refinancing.


MFA offers interest-free forgivable second mortgage  Las Cruces Sun-News

The New Mexico Mortgage Finance Authority recently announced the launch of a new loan option for current homeowners.


Partial government shutdown is hurting some borrowers seeking a mortgage  Washington Post

When the government shuts its doors because of a funding brouhaha that pits the White House against Capitol Hill, who gets hit hardest among people needing ...


Mortgage Warehouse Funding Limited; A Much Needed Support To The Nigeria Mortgage Sector | Global Banking & Finance Review  Global Banking And Finance Review

Tuesday, October 10th 2017 marked a remarkable milestone in the history of mortgage finance in Nigeria with the launch of the Mortgage Warehouse Funding ...


Nigeria Mortgage Refinance Company lists N11b bond  The Nation Newspaper

The Nigeria Mortgage Refinance Company (NMRC) has listed its N11 billion 13.80 per cent Series 2 Fixed Rate Bonds on the Nigerian Stock Exchange (NSE), ...


U.S. mortgage functions climb to 11-month excessive: MBA  Infosurhoy

(Reuters) – The number of U.S. consumers who applied for loans to buy a home and to refinance one rose to an 11-month high last week, signaling that the ...


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 ...


6 Tax Breaks for Homeowners  Yahoo! Finance News

Under the Tax Cuts and Jobs Act, which takes effect for tax filings for the 2018 calendar year, standard deduction increases will likely mean far fewer Americans ...


Just Approved: Refinance offers student loan relief  SFGate

Mortgage broker: Liz Bayer, ProMortgage. Property type: Single-family home in Elk Grove. Recommended Video. Created with Sketch. Your Browser Is Not ...


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.


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 ...


Factors to weigh when considering whether to refinance your home  Washington Post

REAL ESTATE MATTERS | If you can lower your interest rate, that's good. But you also have to look at your monthly payment. Will your new monthly payment be ...


Refinancing activity in the US just plunged to the lowest level in over a decade  Business Insider

Refinancing activity plunged to the lowest level since 2000 as interest rates rise.


Mortgage rates go up for Monday  Bankrate.com

Multiple closely watched mortgage rates rose today. The average for a 30-year fixed-rate mortgage advanced, but the average rate on a 15-year fixed declined.


U.S. Bank steps up with low-interest loans for furloughed federal workers  Bankrate.com

Customers of U.S. Bank who are affected by the partial government shutdown are getting offered some relief. On Friday, the bank announced that it would be ...


Weekly refinance demand plummets as mortgage rates hit a 5-week high  CNBC

A sharp rise in mortgage interest rates took its toll on the lending business last week. Mortgage application volume fell 1.8 percent for the week, according to the ...


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 ...


How should I apply for a mortgage refinance: in person, by phone or online? | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

You can apply for a mortgage refinance in person, over the phone or online. Just make sure that the company is legitimate before providing personal information ...


Mortgage applications fall, as refinancing hits 20-year low  CNBC

A significant drop in mortgage interest rates was not enough to entice homeowners to refinance their loans last week.


Convincing your mortgage company to drop PMI is an uphill battle, expert says  KUTV 2News

Troy Moultrie doesn't want to pay the $400 a month on his mortgage for private mortgage insurance. "If I was actually to put that money toward principle, it would ...


Remortgaging option to offer more flexibility for borrowers  What Mortgage

A remortgage option for borrowers with limited equity in their home is being launched by Accord Mortgages. The lender is now offering loans of up to 95% of a ...


Premier Lending Corp is the Leading Mortgage Broker in Fort Lauderdale - Press Release  Digital Journal

Davie, FL - Buying a home is a big decision, as it involves many steps and processes to close the deal. Sometimes, many individuals get overwhelmed by ...


Refinance mortgage rates mixed for Saturday  Bankrate.com

Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage.


Tens of thousands of Aussies struggle to get loans  My Business

A survey of 52000 Australians revealed a huge jump in loan rejections during 2018, marking the end of a tough year for investor and SME financing.


How to refinance to pay off a mortgage faster | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

You probably have a number of ways to pay off a mortgage faster. You can refinance to a shorter term, pay more on your existing mortgage or free up your ...


Refinance mortgage rate falls for Friday  Bankrate.com

Refinance rates were mixed, but one key rate declined. If you're shopping for a mortgage, see how your payments might be affected.


3 Signs You Should Refinance Your Mortgage  The Motley Fool

Refinancing at the right time can save you thousands of dollars a year.


Refinance mortgage rates mixed for Monday  Bankrate.com

Refinance rates were mixed today. If you're shopping for a mortgage, see how your payments might be affected.


How To Survive The Federal Government Shutdown  Forbes

Here's the best financial advice for the federal government shutdown.


Credible Expands Their Marketplace Into Mortgage Refinancing  Lend Academy

Credible made a name for themselves in student loans. They are the first and largest marketplace for people looking to refinance their student loans. Borrowers ...


Refinance mortgage rates mixed for Friday  Bankrate.com

Refinance rates were mixed today. If you haven't locked a refinance yet, see what that means for you.


Refinance mortgage rate ratchets higher for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate climbed. If you're shopping for a mortgage, see how your payments might be affected.


Fears of housing downturn may have been overblown  CNN

The housing market is flashing signs of a bounce back in 2019.


With today's mortgage rates, you can still refinance for lower payments. Here's how | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Many homeowners refinance for lower payments or interest rates. Here's what you need to know about your options and some pitfalls.


When Is a Cash-Out Refinance Loan a Good Idea?  U.S News & World Report Money

In a cash-out refinance mortgage, you take a loan against your home in excess of what you owe, leaving you with cash available to spend. Adding to the debt ...


When to refinance: I need to lower my mortgage rate or payment | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

If you're wondering when to refinance, consider your objectives and see if you'll pay less interest, reduce your payment, or lower your overall costs.


Difference Between FHA Loan vs. Conventional Loan?  INQUIRER.net

Learn the differences between a FHA loan and a conventional loan so you can decide on the type of loan that is best for you.


How Long Does It Take to Refinance a Mortgage?  Realtor.com News

How long does it take to refinance a mortgage? Refinancing should take anywhere from 30 to 45 days on average, although that can stretch to 60 days if you hit ...


Refinance mortgage rate moves up for Friday  Bankrate.com

Refinance rates were mixed, but one key rate advanced. If you're in the market for a home loan, see what that means for you.


Refinance mortgage rate falls for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate dropped. The nationwide average for a 30-year fixed-rate refinance tapered off, but the average rate on a 15-year ...


Refinance mortgage rate eases for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate dropped. If you're in the market for a mortgage, see how your payments might be affected.


Refinance rates slide for Friday  Bankrate.com

Multiple key refinance rates declined today. See what that means for your refi.


Mortgage application activity rises on uptick in refinance volume  National Mortgage News

An increase in refinance activity in the period after Columbus Day drove mortgage applications 4.9% higher from one week earlier, according to the Mortgage ...


5 Terrible Reasons to Refinance Your Mortgage  MoneyWise.com

Mortgage rates have been going up, so time may be running out if you're looking to refinance your home at an attractive rate, to lower your mortgage costs or...


Refinance mortgage rates mixed for Thursday  Bankrate.com

Refinance rates were mixed today. If you're in the market for a home loan, see how your payments might be affected.


Best cash-out refinance lenders 2019 | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

If you want to pull equity out of your home in 2019, check out this list of best cash-out refinance lenders. Because mortgage rates and costs for cash-out ...


Refinance mortgage rate moves up for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate ticked up. See what that means for you if you're in the market for a home loan.


Refinance mortgage rate rises for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate climbed higher. If you're shopping for a mortgage, see what that means for you.


Do mortgage lenders have minimum mortgage amounts? | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Are there minimum mortgage amounts to buy or refinance a home? Not according to most official program guidelines, but most lenders do set minimum amounts ...


Thinking of Refinancing Your Mortgage? Check These 4 Financial Areas First  Forbes

Refinancing your mortgage can be a great way to save on your monthly payment or to change up the terms of your loan. However, while it's a financial move that ...


Couldn't qualify to refinance last year? Lenders more likely to say yes in 2019 | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

If you have been wanting to refinance but had a hard time getting approved, 2019 might be your year. Lenders are allowing higher debt-to-income ratios, ...


Texas cash-out refinance: new laws you need to know | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Cash-out refinance Texas rules for homeowners in Texas. Texas cash-out refinancing is different from other states and you'd better know the rules before taking ...


Rates Are Rising, But Is It Time To Refinance? Five Scenarios To Consider  Forbes

If any of these scenarios apply to you, you may want to look into refinancing.


Refinance rates move up for Thursday  Bankrate.com

Several closely watched refinance rates advanced today. If you're in the market for a mortgage, see how your payments might be affected.


Refinance rates fall for Saturday  Bankrate.com

Multiple key refinance rates trended down today. If you're in the market for a home loan, see what that means for you.


Mortgage rates are on the rise. Here are some tips for getting the lowest rate.  The Washington Post

The 30-year fixed-rate average hit a seven-year high last week. But that doesn't mean you still can't get a low rate when buying a home or refinancing a loan.


Do I need an appraisal to refinance my home? | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Do you need a home appraisal to refinance your mortgage? Not necessarily. Here's what you need to know about conforming, USDA, FHA and VA refinances ...


Refinance rates trend higher for Tuesday  Bankrate.com

Multiple key refinance rates notched higher today. If you haven't locked a refi yet, see how your future mortgage payments could be affected.


Best Mortgage Lenders  Bankrate.com

The best mortgage lender isn't the same for everyone.That's why we compiled a list of best mortgage lenders for first time home buys to those looking for their ...


Refinance mortgage rate eases for Saturday  Bankrate.com

Refinance rates were mixed, but one key rate slid lower. If you're shopping for a refi, see how your payments might be affected.


Refinance mortgage rate trends higher for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate were higher. The national average for a 30-year fixed-rate refinance advanced, but the average rate on a 15-year ...


How to use a cash-out refinance to buy another home | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Can or should you use a cash-out refinance to buy another home? Maybe, if that's the most cost-effective source of a down payment or even the whole purchase ...


Refinance mortgage rate slides for Monday  Bankrate.com

Refinance rates were mixed, but one key rate sunk lower. See what that means for your chances of scoring a killer refi rate.


Refinance rates drop off for Saturday  Bankrate.com

Multiple closely watched refinance rates receded today. If you're in the market for a home loan, see what that means for you.


Refinance rates slide for Wednesday  Bankrate.com

Several key refinance rates declined today. If you're shopping for a mortgage, see how your payments might be affected.


What the government shutdown means for New Jersey agencies  NorthJersey.com

Travelers could face long lines at Newark Airport because of TSA employees calling out sick, and the Paterson Great Falls visitor center is closed.


Mortgage Refinancing Sinks Near a One-Decade Low on Rising Rates  Bloomberg

Years of low interest rates have let homeowners refinance their mortgages on more favorable terms, or even cash out some of their equity to send a kid to ...


Refinance rates slide for Monday  Bankrate.com

Multiple benchmark refinance rates ticked downward today. If you're in the market for a home loan, see what that means for you.


Analysts Anticipate TFS Financial Co. (TFSL) to Announce $0.09 Revenue Per Share  BharataPress

Shares of TFS Financial Co. (NASDAQ:TFSL) have been assigned an average broker rating score of 2.00 (Buy) from the two analysts that provide coverage for ...


Refinance rates ease for Thursday  Bankrate.com

Multiple key refinance rates receded today. If you're in the market for a refi, see how your payments might be affected.


Refinance rates decline for Thursday  Bankrate.com

Multiple benchmark refinance rates receded today. See what that means for your chances of getting a better mortgage rate.


Refinance rates dip for Wednesday  Bankrate.com

Multiple benchmark refinance rates decreased today. If you're shopping for a home loan, see how your payments might be affected.


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