find mortgage and refinancing information Akron Ohio


We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
 Please check back frequently as new topics are added and current topics are updated daily.


Types Of Home Equity Loans

There are two broad types of home equity loans:

Term loans: Home equity loans of a fixed nature are also called second mortgages. For example, if you have bought a home for $10,000, and made a down payment of $1,000, and taken a mortgage for the rest and have managed to repay another $2,000, then you can apply for a home equity loan of $3,000. Term loans have a normally shorter tenor than first mortgages. Tax deductions can be claimed on interest repayments. It is a normal loan wherein you repay the loan in fixed installments over a period of time.

Lines of credit: A home equity line of credit loan is like a normal credit card wherein you have a line of credit extended to you and you can keep borrowing against it. To borrow from the earlier example, the line of credit that is available to you is $3,000. However, if you have borrowed only $1,500 and then repaid back $1,000, then the line of credit available to you is $2,500.

The difference between a line of credit and a term loan is that the interest rate is linked to the prime-lending rate of banks, due to which the payments may fluctuate over the period. Moreover, most lenders only advance a line of credit for 90% of the home equity. However, when the period of a line of credit expires, all outstanding dues must have been cleared.

Borrowers are often confused as to the nature of the home loan that needs to be undertaken. If the nature of the work is a one-off thing like remodeling the house, then a term loan can be taken. If it is a recurring necessity, such as putting a child through college, then a home equity line of credit becomes attractive.

Home Equity Loans - Rates, in depth articles and professional second mortgage advice. Find the lowest home equity loans rates and lenders.


used office furnishings-supplies-equipment-desks-cubicles-service-counters for sale in Akron Ohio   Die cast model cars for sale in Akron Ohio  
used cars for sale in Akron Ohio   unfurnished homes for rent in Akron Ohio

Click here to
OfficeJax free ad space available here

Find used office equipment in Ohio at www.OfficeJax.Has.It

Find the best fleamarkets at www.FleaMarketWorld.Has.It


Find electric powered vehicles at www.NoGas.Drives.It

Akron City directory

Free Automatic Link Exchange

Flea Market World

Find homes for rent
in Akron Ohio

iphone-4-less below wholesale prices


Place your AD here. Click here for more details.

Click above to place your AD here

[Back to Top]

Ohio RealEstate

auction news and listings for Akron, Ohio

Akron crafts and hobby news center

best home remedies and do it yourself tips

Akron currency trading

Akron Ohio pet news

Advertising and promotions Akron, Ohio

The Akron blogging news center

Akron Ohio web site design news

Akron Mortgaging and refinancing

Web site design tips



© 2012 - 2024 All Rights Reserved
Increase pagerank with HitsSurfer

free page rank checker and seo evaluation tools 

first second ARM compare rates find the best rates current in your area lenders read reviews calculator adjustable rate loan home lenders brokers quotes florida houston gmac washington interest only 2nd software debt consolidation reverse senior equity texas maryland options lending bad credit  option one ameriquest chase first banks emc residential california miami dallas est branch marketing home company commercial yahoo online bad credit low credit no credit