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Home Equity Loans: A Useful Financial Tool
The investment need of an individual varies with time. Thus the need to buy a car or invest in a new house, which may have seemed "beyond means" a few years ago, may be a relevant and wise decision today. However, taking a consumer loan at existing rates may add to the existing debt burden of the individual. This is where home equity loans can be of help.
A home equity loan can be a very useful financial tool in the hands of the borrower, particularly if the avenue where the borrower would invest the loan amount would otherwise have to be financed at higher lending rates.
Thus the borrower can get access to cheaper loans, which can be used to finance secondary requirements like buying a car or modifying/renovating his/her existing home, repaying existing debt, medical costs, etc.
Home equity loans have other advantages too:
Tax deductions: The interest payable on the secured equity loan is deductible up to a maximum of $100,000 or the equity value in your home, whichever is less. Thus besides access to lower rates of interest, the equity loan also gives the borrower tax benefits.
Lower interest rates: As discussed earlier, a home equity loan can give access to loans at a lower rate than other means of debt like credit card debt or consumer loans. This can amount to a considerable savings on interest payments. Hence these loans can be used to retire old high-cost debt and help in the consolidation of debt.
Ease of qualification: As compared to other loans, it is easier to qualify for a home equity loan. This is because the loan is disbursed against the equity of your existing home. This results in a faster and relatively hassle-free disbursement of loans.
Flexibility of payment: The borrower can use the loan as and when required and may also be able to decide when the principal repayment should be done. This proves to a useful tool in the case of money management, particularly in the case of emergencies.
Home equity loans, if used wisely, can improve the financial standing of an individual as they provide easy and relatively cheap access to money.
Home Equity Loans - Rates, in depth articles and professional second mortgage advice. Find the lowest home equity loans rates and lenders.
A Home Equity Loan - What You Should Know?
Asking yourself, "Is a home equity loan right for me?" is the first and most important step to take.
To Refinance or not to Refinance -- Here is the Answer
I have written many articles on refinancing a fixed rate mortgage to an adjustable rate mortgage. I have helped people cut as much as $800 off their monthly payments by turning their high fixed rate mortgage loan into a much lower ARM. This may be the time, however, to put the strategy in reverse, especially if your adjustable rate mortgage is coming up on the adjustment period.
Mortgage Prepayment Penalties - Just Say No
One of the most common terms found in a new home loan is a prepayment penalty. This type of penalty says that if the borrower pays off the loan early, commonly during the first five years of the loan, then the borrower will be responsible for paying an additional amount of money, typically about six months interest on 80% of the mortgage balance. Sub-prime market loans will typically carry prepayment penalties more than standard mortgage loans.
Getting a Home Improvement Loan: What Your Bank Needs
The popularity of stores like Home Depot and Lowe's show how many homeowners are jumping on the home improvement bandwagon. Maybe you're thinking of redoing part of your house as well. Perhaps you want the kitchen of your dreams or an extra bathroom. You know you'll have to take out a loan to finance the project, but if you're just in the beginning stages of the planning, you may not know exactly how to go about it. Whether you're refinancing or taking out a home-equity loan, here's some information on what your bank needs:
Getting The Best Home Equity Loan
Owing to the popularity of home equity loans, there are numerous lending agencies offering a variety of mortgage products. A bad choice of mortgage can lead to disastrous effects, as there is a risk involved of foreclosure and losing one's home. Hence it becomes necessary to secure the best loan possible.
No Money Down Mortgage Loans - Ways To Get Approved For a Home Loan Online With Zero Down
No money down mortgage loans enabled more people to own their own home. The following ways will help you get approved for a home loan online with zero down.
New Home Loan - 3 Tips To Speed Up The Mortgage Loan Approval Process
Imagine this: you've found the perfect house, and feel lucky because the interest rates happen to be at an all time low. So you submit your mortgage loan application, and then?wait. The next week, interest rates go up a point, but you're still waiting. Another point would mean a significant amount in the monthly payment you will pay, and you groan when you open the newspaper and find that indeed it has gone up again.
Mortgage Questions to Ask Your Lender
Buying and financing a home today can be overwhelming. Here are some questions to ask your lender so that you can make informed decisions.
Home Mortgages: How About Those 1.75% Loans?
You've undoubtedly heard or seen ads for mortgages with very low interest rates such as 1.75%. For example, one mortgage company in the city where I live is advertising a 40-year mortgage with a 1.75% interest rate. That sounds like a pretty good deal, doesn't it? After all, if you were to buy a house for $250,000 with this rate, your payment (not including taxes and insurance) would be only $632 a month.
Interest Only Home Loan ? Is It Right For You?
There are many benefits to interest-only mortgage loans. There are many situations where an interest-only mortgage loan could be best for you.
What Are Mortgage Brokers And Why To Use One
"Mortgage" is formed from two words: the French word "mort" meaning "dead" and the word "gage" from Old English meaning "pledge". Sir Edward Coke (who lived from 1552 to 1634) explained the term: the land as considered "dead" to the mortgagor, as if the person never had it.
Should You Get a Home Inspection?
It's very important, and in my opinion, mandatory to have a home inspection done before you close on a house. The inspection helps with giving you an objective evaluation of any problems with the home before you move in.
Home Equity Loan Considerations
In other words, the benefit of the loan must outlast the loan period. Taking a loan for financing that elusive vacation is a strict no-no. Moreover, home equity loans must also never be taken for day-to-day expenditures. This option should be saved for emergency needs only.
The Zero Down 80/20 Mortgage
This is an excellent loan for those that are lacking the down payment required for other types of mortgages.
The Power of a Home Equity Loan to Pay Down Debt
Households across the country are finding themselves in a similar situation. They lack the financial funds to make the necessary changes to their home and need to find a way to fund upgrades and eliminate debt. A popular way of financing these changes without killing themselves is by taking a home equity loan to pay down their debt.
Home Loans: To Substantiate Financial Possibilities On Your Land
Availability of Home loans is in full bloom. They are uncomplicated, tenable, easily available, very flexible and tailor-made for homeowners. They are offered by almost every loan lending or financial institution. Home loans are like omnipresent and yet encountering the requisite home loan is like a Gordian knot. Sometimes innumerable alternatives have the obvious effect of leaving you irresolute of which home loan to settle for.
Mortgage Cycling ? Brilliant or Risky
With mortgage rates near 20-year lows, competition in the mortgage industry is fierce. It seems like every day a new mortgage loan strategy comes out that is suppose to be the best thing since sliced bread. Whether it's a mortgage with no closing costs or an interest only mortgage, everyone is claiming they can save you a ton of money. Now someone has come out with something called Mortgage Cycling. Mortgage Cycling could save you thousands of dollars or it could cost you your home.
How To Turn Disadvantages Of A Reverse Mortgage To Your Advantage
When it comes to a reverse mortgage, wise consumers weigh the advantages and disadvantages prior to signing on the dotted line.
Why Get Pre-Approved For A Mortgage?
One of the most important steps in the home buying process is getting Pre-Approved as early as possible.
Home Loans For People With Poor Credit - Understanding The Requirements For a Subprime Mortgage
Home loans for people with poor credit demand that you understand the requirements for a subprime mortgage loan to get the best rates and terms. By satisfying the requirements, you can be assured of securing a subprime mortgage to buy a home.
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