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Free Home Equity Loan Information
By Tim Gorman
Home 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.
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Equity Home Loan Richmond Va News
PROPERTY TRANSFERS (Richmond Times-Dispatch)
2315 5th Ave; Corey Catherine Elisabeth to Deutsche Bank Turst Company, $79,900. 4525 Arrowhead Road; Atkinson D Eugene & Anne J to Waybright Jonathan W B, $280,000. 4315 S Ashlawn Dr; Dirom Monica A to Riddick Katherine V, $360,000. 3507 E Broad Rock Road; Clair Marvin L to Murrell Henry S Jr, $220,000. 2216 E Broad St; Sale Donald S to Nelms Wesley A And Michelle J, $320,000.
Read more...CarMax Reports Third Quarter Results (Business Wire via Yahoo! Finance)
RICHMOND, Va.----CarMax, Inc. today reported results for the third quarter ended November 30, 2008. Total sales decreased 23% to $1.46 billion from $1.89 billion in the third quarter of last year.
Read more...Genworth Financial Announces Workforce Actions to Address Expense Reduction Goals (PR Newswire via Yahoo! Finance)
Genworth Financial, Inc. today announced actions being taken to advance the company's strategic goals in response to the current economic downturn.
Read more...CoStar's Retail News Roundup: Dec. 14 to Dec. 20, 2008 (CoStar Group)
This week in the Retail Roundup, CoStar reports on expansions or new concepts at Kohl's, Forever 21, Aldi, Safeway, and Tops Markets; new retail developments in SC, GA and TN; acquisition, merger, loan or sale activity at General Growth and Macerich;...
Read more...Property transfers (Richmond Times-Dispatch)
The following is a list of more real estate parcels valued at $50,000 or more that have been transferred in the past few months in Richmond and surrounding areas.
Read more...Bailing Out the Auto Industry (Washington Post)
The Bush administration said today it was willing to consider using funds from other sources to provide emergency aid to the nation's Big Three car companies following the Senate's rejection Thursday night of a congressional bailout plan.
Read more...