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How To Tap In To Your Home Equity
With today's relatively low interest rates and climbing property values, many consumers are considering taping into their home equity to finance everything from home improvement projects to debt consolidation.
Secured home loans, also called home equity loans, are loans backed by the borrower's equity in their property. Equity is the difference between your home's appraised value and the balance on your mortgage.
When a homeowner takes out a secured home loan, they promise to repay the lender and sign a contract that makes their home the collateral for the loan. If the borrower does not repay the loan as agreed, the lender has the right to foreclose on the home. Generally, loans are repaid with a monthly payment over a fixed term.
As interest rates and loan terms may vary widely depending on your credit score, your home equity, and the amount of the loan, it is important to compare several different lenders to ensure you are getting the best loan for your situation.
There are many advantages to secured home loans. Home equity loans generally have lower interest rates than unsecured loans. In addition, there are many different types of secured home loans to fit your needs.
When considering using your home as a security instrument to obtain a loan, it is important to consider the amount you can afford monthly. Although loans can be used for virtually anything, if you are going to use the money to make large purchase, make sure you are buying something that will outlast the life of the loan.
Remember, if you do not repay the loan as agreed, you may lose your home. While it may be smart to tap into equity for home improvement projects that will increase your property value, it may be foolish to put your home on the line for that dream vacation.
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 Wed. December / 01 / 2021
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New mortgage refinance programs from Fannie Mae and Freddie Mac are expanding to reach more homeowners CNBC
Current mortgage and refinance rates for November 30th, 2021 – Majority of rates rise - Bankrate.com
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Is now the right time to refinance your mortgage? The Washington Post
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Survey finds 74% of homeowners haven't refinanced despite low mortgage rates Pittsburgh Post-Gazette
What Is a Mortgage Refinance? Motley Fool
Fannie Mae’s refinance program for lower-income homeowners starts next week. Here’s what to know - CNBC
Fannie Mae’s refinance program for lower-income homeowners starts next week. Here’s what to know CNBC
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Best mortgage refinance lenders in 2021 Bankrate.com
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Lenders don’t want to refinance my $53,000 home loan. What can I do to save money on my mortgage? Fox Business
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After Losing Her Home in a Fire, This Teacher Needed a Fresh Start. A Mortgage Refinance Helped Her Do It - NextAdvisor
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What are the hidden costs of refinancing a mortgage? Fox Business
Refinance Terms & Rates | Refinance | Chase.com Chase News & Stories
Should You Refinance Your Mortgage to Pay Off Debt? Credible News
Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now - Fox Business
Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now Fox Business
How to refinance a mortgage after forbearance ends Fox Business
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A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low - CNBC
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low CNBC
Refinancing for home improvements: how does it work? Fox Business
Should I refinance my adjustable-rate mortgage now? Fox Business
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 - Forbes
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes
What is mortgage refinancing and how does it work? Bankrate.com
Thinking of refinancing your mortgage? Do your homework before you jump in. - The Philadelphia Inquirer
Thinking of refinancing your mortgage? Do your homework before you jump in. The Philadelphia Inquirer
How To Refinance A Second Mortgage Zing! Blog by Quicken Loans
Refinancing for a Home Renovation | Mortgage | Chase Chase News & Stories
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Ally Home launches RefiNow™ to provide greater access to mortgage refinance options for homeowners - PRNewswire
Ally Home launches RefiNow™ to provide greater access to mortgage refinance options for homeowners PRNewswire
10 Tips for Getting the Best Mortgage Refinance Rates Business Insider
Should I Refinance To A 15-Year Mortgage? Zing! Blog by Quicken Loans
How to get a low-cost mortgage refinance Bankrate.com
Mortgage refinance: Everything you need to know Fox Business
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VA Refinance: 3 Ways to Refinance a VA Loan Credible News
How do I get the most out of my mortgage refinance? Fox Business
The Formula I Used to Decide on Refinancing My Mortgage Business Insider
The Best Mortgage Refinance Lenders of November 2021 Business Insider
How to Refinance Your Home | Home Lending | Chase.com Chase News & Stories