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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.
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Equity Loan Refinance News
More looking to refinance home loans with lower interest rates (Channel NewsAsia)
SINGAPORE : More people are looking to refinance their home loans in the past few months with lower interest rates, but not without difficulties.
Read more...Go beyond rate when weighing refinance (Bankrate.com via Yahoo! Finance)
Dr. Don Taylor says you should look beyond current mortgage rates when deciding whether or not to refinance.
Read more...Loan Delinquencies Hit Record High Last Year (Washington Post)
Delinquencies on auto loans and home equity lines of credit reached their highest levels on record during the third quarter of 2008, the American Bankers Association reported yesterday.
Read more...Is It Time To Refinance Your Mortgage? (Forbes)
Falling rates and a friendly Fed mean good things for homeowners. But there's a catch.
Read more...Cardoza submits plan to refinance mortgages (Merced Sun-Star)
Rep. Dennis Cardoza proposed a bill Wednesday to have the government refinance mortgages for all homeowners in an effort to stop foreclosures, put more Americans in homes and jump-start an economy in recession.
Read more...Lenders Backlogged By Refinancing Rush (Washington Post)
Borrowers are rushing to refinance their mortgages at record low interest rates but face unexpected delays as swamped lenders struggle to cope with the surge at a time when layoffs have sharply cut staffing.
Read more...Borse Dubai seeks $2.5bn loan (AME Info)
Borse Dubai, the owner of Nasdaq Dubai, is seeking a $2.5bn loan this month, Bloomberg has reported, citing bankers close to the talks.
Read more...Now is a good time to refinance (Ravalli Republic)
Plunging interest rates over the past month have prompted many homeowners in the Bitterroot Valley to look into refinancing, local lenders say.
Read more...Fit to refinance? (Hutchinson News)
Edward Johnson is not new to mortgage lending. The First National Bank executive vice president and ...
Read more...Those who can find time right for refis (Lake County Journals)
The Federal Reserve’s decision last week to cut a key interest rate has sparked a stampede to lenders by customers eager to refinance or buy homes on the cheap.
Read more...