![]() |
Free Home Equity Loan InformationHome equity loan information can sometimes be confusing and misleading. I have written this article to properly explain home equity loans. Basically equity is the difference between your home's appraised -- or fair market value and the outstanding mortgage balance you owe on your home. Borrowing against the equity built up in a home has become extremely popular. If you're wondering why this has become popular it's due to the tax deductions and the low interest rates that are current in today's housing loan market. It's also because of the growth of equity in most people's homes. For instance if you buy a house for $100,000 with a down payment of $20,000 and have made payments of $10,000 towards the principal then you would have $30,000 in equity. But wait suppose your house has increased in worth to $120,000 in that case then you would have $50,000 in equity that you could use for a home equity loan. This equity is very valuable because you can use it without selling your home. Banks consider this equity to be secure since it is based on your house so they are more inclined to give you lower rates when loaning money against the equity. However, don't be mislead. The cost for these loans is higher then your actual mortgage rate but since many people use their home equity loan to pay off credit cards or make house improvements they end up paying less then if they had gotten a traditional loan. Best of all the interest on this type of loan is also tax deductible. When you add it all up you can actually save money in finance charges. Anyone using this type of loan must be careful though because if a person defaults or fails to make payments on this loan then the bank can forclose on your house which could prove to be a financial nightmare for the careless borrower. For this reason I recommend using caution when using a home equity loan. Timothy Gorman is a successful webmaster and publisher of Military-Loans-Online.com. He provides more free financial and home equity loan information that you can research in your pajamas on his website. Other websites operated by Tim Cellular-Phone-Solutions.com - Free information and resources regarding cell phones and cell phone plans. Best-Free-Insurance-Quotes.com - Offers discount auto, life and home insurance.
Today's Mortgage and Refinance Rates: March 19, 2023 | Rates Could Drop Further if SVB Run Causes Fed Pivot Business Insider Mortgage Lenders Are Selling Homebuyers a Lie The Washington Post Today's best mortgage deal? 15-year rates are the lowest available at 5.49% | March 17, 2023 Fox Business Refinancing your mortgage could save you thousands — here are some of the best refinance lenders CNBC Today's Mortgage, Refinance Rates: March 18, 2023 | SVB Collapse ... Business Insider Today's refinance rates move lower : March 9, 2023 Bankrate.com Today's Mortgage and Refinance Rates: February 26, 2023 | As ... Business Insider Renegotiate, refinance or request a delay: what to do if you’re struggling to pay your mortgage The Guardian Move 2300 Aussies are making every day news.com.au Mortgage Rates Today, Feb. 18, & Rate Forecast For Next Week The Mortgage Reports Hutchins Roundup: Worker migration, mortgage access disparities, and more Brookings Institution Is Refinancing an Auto Loan Worth It? Yahoo Finance Payday Loans Online: Same Day Approval Options Explored Kansas City Star Justice Department and Consumer Financial Protection Bureau File ... Department of Justice SRC signs deal with Alrajhi to refinance $1.3bn of real estate ... Construction Week Online HUD outlines its reverse mortgage priorities in budget proposal ReverseMortgageDaily Mortgage Refinance Rates SFGATE CFPB Launches Effort to Spur New Opportunities for Homeowners ... Consumer Financial Protection Bureau Is mortgage refinancing worth it? CBS News Today’s 30-year mortgage refinance rates hit lowest levels in 15 days | Oct. 28, 2022 - Fox Business Today’s mortgage refinance rates: Look to shorter repayment terms for maximum savings | September 13, 2022 Fox Business Today's Mortgage, Refinance Rates: March 10, 2023 | Rates up for ... Business Insider VA Refinance Rates - Current VA Loan Refinance Rates Today Business Insider Today's refinance rates drop off | November 11, 2022 Bankrate.com Trends in Mortgage Refinancing Activity Freddie Mac Refinance Closing: An Overview Zing! Blog by Quicken Loans Small Business Loan Refinance Bankrate.com Current 15-Year Refinance Rates Today Business Insider Refinance Rates, Dec. 13 | Rates falling today The Mortgage Reports Heloc vs. Cash Out Refinance Credible Mortgage Giant Rocket Plunges Back to Earth, Hit by Rising Rates The Wall Street Journal Can You Refinance a Reverse Mortgage? Investopedia When to Refinance Your Mortgage (and When You Shouldn't) Business Insider When Should You Refinance an Adjustable-Rate Mortgage ... U.S News & World Report Money Refinance Rates, Jan. 6 | Rates falling today The Mortgage Reports Mortgage Rates: When should you refinance your mortgage? Marca English Understanding A No-Appraisal Refinance Zing! Blog by Quicken Loans 7 Refinancing Programs for Seniors Total Mortgage Refinancing After Divorce: What To Know Zing! Blog by Quicken Loans Will a Cash-Out Refinance Make Sense for You in 2023? The Motley Fool Refinance Rates, Jan. 19 | Rates rising today The Mortgage Reports
|