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Home Equity Loan Information - What Is A Home Equity Line Of Credit?

from: Carrie Reeder




Did you know that if you have a home that you’ve been paying on for years, you may have a lot of usable money right under your nose? What’s more, a home equity loan just may be the perfect way to get your hands on that money!

Here’s how it works. Let’s imagine that your home mortgage is for $250,000, but after years of paying on that note, you only owe the mortgage company $100,000. In this instance, you would have $150,000 in equity in your home. A home equity loan is a specific type of loan that will allow you to borrow against that equity.

Why would you want to do this? The number one reason that people take out home equity loans is as a means to consolidate their debt. Because a home equity loan is a secured loan, the interest rates are considerably lower than that of credit credits or personal loans. And so if a person had $10,000 in credit card debt, they could reduce the total amount of owed—as well as their monthly payments—by taking out a home equity loan and using the cash to pay off their credit card debt.

Another great reason for taking out a home equity loan is to make improvements on your home. Have you been thinking about adding a swimming pool to your backyard? A greenhouse to your yard? A new bedroom or bathroom addition? A home equity loan is a great way to finance those types of projects.

Your first step should be to talk to your current mortgage company about your options, but don’t stop there. You will quickly find that there are plenty of companies who are willing to lend you money against your house, and so you should shop around for the best deal.

And that brings us to our final point. A home equity loan is secured by your home. What that means is that if you don’t make the payments on time, the lender will have the right to take your home and sell it in order to collect on the debt. Make sure that you are in a position to pay back any amount you borrow against your home!

To view our recommended sources for home equity loans, visit: Recommended Home Equity Lenders Online.

About the Author

Carrie Reeder is the owner of ABC Loan Guide, an
informational website with articles and the latest news about various types of loans.








 

Adjustable California Home Mortgage Rate News

National Bank Adjusts Its Mortgage Rates - MarketWatch (press release)


National Bank Adjusts Its Mortgage Rates
MarketWatch (press release)
MONTREAL, QUEBEC, Feb 09, 2012 (MARKETWIRE via COMTEX) -- /quotes/zigman/17658 CA:NA -0.04% - National Bank has adjusted its rates for residential mortgages. The new rates are effective as of Friday, February 10, 2012. CURRENT RATE TERM (%) NEW RATE ...

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Mortgage settlement is too little, too late for many - Los Angeles Times


Los Angeles Times

Mortgage settlement is too little, too late for many
Los Angeles Times
"It's not going to make things right." Guzman, 61, bought the home in 2001 for $211000. When he added a room several years later, he took out a risky, adjustable-rate loan, which he quickly realized was "a balloon that was going to explode.
Mass. joins foreclosure settlementThe Salem News
Mortgage relief deal reached as holdout states join inmsnbc.com (blog)
Landmark $25 Billion Agreement Reached With Top Five ServicersNational Mortgage Professional Magazine

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Bankrate: Mortgage Rates Up Slightly - MarketWatch (press release)


Bankrate: Mortgage Rates Up Slightly
MarketWatch (press release)
The average 15-year fixed mortgage increased to 3.36 percent, while the jumbo 30-year fixed mortgage held at a record low of 4.55 percent. The average 5-year and 7-year adjustable mortgage rates were up this week, to 3.05 percent and 3.27 percent, ...

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Total Mortgage Services Now Licensed in Arkansas - National Mortgage Professional Magazine


Total Mortgage Services Now Licensed in Arkansas
National Mortgage Professional Magazine
Total Mortgage is licensed as a mortgage banker, broker and servicer in Arkansas and holds License Number 103968. “Signs of stabilization in the housing market are beginning to appear and with rates near record lows it is an opportune time for ...
Total Mortgage Services Receives Arkansas Combination Mortgage Banker-Broker ...PR Web (press release)

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Dec. new home sales fall, 30-year mortgage rates rise - USA TODAY


USA TODAY

Dec. new home sales fall, 30-year mortgage rates rise
USA TODAY
Sales of new single-family homes fell 2.2% in December, ending the worst year on record for the real estate industry dating back to 1963. And 30-year fixed mortgage rates jumped to 3.98% from a record-low 3.88% for the week ending Jan.

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California Mortgage Rates at 4.23% - TheStreet.com


California Mortgage Rates at 4.23%
TheStreet.com
Since our last report, rates have decreased 4 basis points. The shorter term 15-year fixed mortgage in CA rates have dropped from 4.21% to 3.52%, a drop of 69 basis points. The key adjustable rate mortgage, the 5-year ARM in California, has decreased ...

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Obama Vows to Cut Red Tape Stymieing Homeowners Loans: Mortgages - BusinessWeek


Obama Vows to Cut Red Tape Stymieing Homeowners Loans: Mortgages
BusinessWeek
2 (Bloomberg) -- Anthony Andrade was forced to rent the San Antonio, Texas home he planned to buy after Bank of America Corp. approved a mortgage and then scuttled three closings over two months with last-minute document requests.

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