![]() |
Home Equity LoansA home equity loan allows you to cash-in on the equity you have built-up in your home. The funds you receive can be used for debt consolidation, home improvement, college education, investments or any purpose. With a home equity loan your home is used as collateral to secure the loan. If you default on the payment you can lose your home so it is important to insure that you can afford to take out the loan before you sign on the dotted line! Many homeowners get a home equity loan to consolidate bills. This can be a great strategy if you are overburdened with high interest credit card and/or consumers loan debt. A home equity loan can usually be obtained at a lower rate and all or a portion of the interest you pay on the loan may be tax deductible. If you are considering a home equity loan to consolidate your debt it will be wise to cut up your credit cards and close out the accounts. The last thing you want is to take cash-out of your home and end up back where you started from because you did not have the discipline to stop using your credit cards! A home equity loan can also be a great source for obtaining cash to make home improvements. Next to debt consolidation, home improvements are the 2nd most widely used reason that consumers obtain home equity loans. Depending on what kind of home improvements you are making, it can increase the value of your home which may help to justify the added monthly payment expense you incur when you obtain a home equity loan. A home equity loan can either be in the form of a fixed-rate loan or an adjustable-rate line of credit. With a fixed-rate home equity loan you receive all of your money in one lump sum and the amount of your monthly payment is the same for the duration of the loan term. With an adjustable-rate home equity line of credit you are approved for a credit line amount in which you can draw from as needed. In most cases you will only pay interest on the outstanding amount and your interest rate is subject to change. As such your monthly payments may vary depending on the outstanding loan amount and interest rate in any given month. There are many home equity loan lenders online who will lend to people with good or bad credit. You may want to compare the rates and programs of several lenders before making your decision to increase your chance of getting the best possible deal. Also, consult with your tax advisor to see how much of your home equity loan interest will be tax deductible. Levetta Rivera is a successful mortgage broker, author and webmaster of several financial websites specializing in home equity and mortgage loans for good and bad credit. For more information on mortgage or home equity loans or to compare rates and programs of home loan lenders visit: http://www.equityloansource.com or http://www.badcreditloanshop.com
Refinancing Perks Up as Rates Drop Mortgage News Daily Mortgage Interest Rates Today, December 6, 2023 | Rates Down Ahead of Next Week's Fed Meeting Business Insider Mortgage rates are falling at fastest pace since the 2008 crash Business Insider Mortgage Interest Rates Today, December 9, 2023 | Latest Jobs Report Points to Lower Rates in 2024 Business Insider What Is A Reverse Mortgage? Bankrate.com Can You Get A Mortgage Without A Job? A Complete Guide Zing! Blog by Quicken Loans Mortgage Refinance Rates: Compare Current Rates Business Insider Does Refinancing A Mortgage Hurt Your Credit? Bankrate.com When to Refinance Your Mortgage: 5 Times to Consider It Business Insider Best Mortgage Refinance Lenders of December 2023 Business Insider Mortgage refinance demand spikes as rates fall Greater Baton Rouge Business Report 15-Year Mortgage Rates: Compare Current Rates Business Insider Mortgage refinancing: What is it, and how does it work? CNN Underscored How soon can you refinance a mortgage? CNN Underscored How much does it cost to refinance a mortgage? CNN Underscored Top Auto Loan Refinancing Lenders NerdWallet Refinance Appraisal: How It Works And What To Expect Bankrate.com Is Now a Good Time for a Mortgage Refinance? NerdWallet Refinance mortgage applications hit two-month high Mortgage Professional Mortgage Rate Forecast for 2024 USA TODAY A strategy to buy a home and set up a future refinance Community Voice Current Student Loan Interest Rates in December 2023 Business Insider Current national mortgage and refinance rates, November 27, 2023 | Majority of rates rise Bankrate.com MBA: Mortgage Applications Increased in Weekly Survey Calculated Risk 15-Year Mortgage Refinance Rates: Compare Current Rates Business Insider The Great Pandemic Mortgage Refinance Boom - Liberty Street Economics Liberty Street Economics - Current VA refinance rates today Business Insider Africa Mortgage refinance: What is it and how does it work? Yahoo Finance Home Loans For Single Moms | 2023 Programs And Assistance The Mortgage Reports VA loan refinance: What is it and how does it work? Yahoo Finance Will Mortgage Rates Go Down in 2024? What Homebuyers Should Expect Business Insider How To Choose The Right Kind Of Refinance For You Bankrate.com When Should You Refinance Your Mortgage? Bankrate.com The best mortgage lenders for refinancing in December 2023 CNN Underscored 7 Ways To Refinance A Mortgage With Bad Credit Bankrate.com Mortgage Interest Rates Today, December 7, 2023 | Rates Low So Far This Month Business Insider India What Credit Score Do I Need To Refinance? Bankrate.com Mortgage Interest Rates Today, November 30, 2023 | Rates Dip Even Further as Markets Eye Fed Cuts Business Insider Best Mortgage Refinance Lenders In 2023 Bankrate.com How Long Does It Take To Refinance A House? Zing! Blog by Quicken Loans Mortgage Interest Rates Today, December 1, 2023 | Rates Fall Further, Boosting Affordability Business Insider Cash-out refinance: How does it work? CNN Underscored Do I Need Money Down To Refinance My Mortgage? Bankrate.com Should You Refinance Halfway Through Your Mortgage? Bankrate.com How Soon Can I Refinance My Mortgage? | Mortgages and Advice | U.S. News U.S News & World Report Money 2 Reasons Why a Free Mortgage Refinance Could Be Right for You The Motley Fool What To Know About Second Home Refinancing Bankrate.com Refinancing To Avoid Foreclosure: FAQs Zing! Blog by Quicken Loans Cash-Out Refinance For Home Improvements Bankrate.com What's The Cost To Refinance A Mortgage? Zing! Blog by Quicken Loans CFPB Mortgage Report Finds Jumps in Closing Costs and Denials for Insufficient Income, Growing Proportion of Cash ... Consumer Financial Protection Bureau
|