Welcome to Home Equity Loans
Home Equity 2nd Mortgage Loan Article
This is a selection made from among articles on Home Equity 2nd Mortgage Loan. For a permanent link to this article, or to bookmark it for future reading, click here.
from:
Home Equity Loan Types
By Tim Gorman
There are at least two types of home equity loans.
The first is a term or closed end loan and the second is basically a line of credit. Most people prefer to refer to them as a second mortgage because they are secured against your home much like your first home loan or mortgage. Typically these types of home equity loans usually have a payback life of between 5 and 15 years.
The term loan is a one-time lump sum payment that is paid off over a set amount of time. There is a fixed interest rate which allows for the same loan repayment each month. After you get your money you cannot borrow further from the loan.
A home equity loan line of credit works more like a credit card. You are allowed to borrow up to a certain amount for the life of the loan. The time limit is usually set by the lender of the loan. During that time you can withdraw money as you require it to purchase items or pay for things that interest you. As you pay off the principal your credit revolves and you can use it again. This credit line gives you more flexibility than a term home equity loan.
Which ever of the two types of home equity loans that you should use depends on your unique situation. You can base your decision on some common questions such as how much money will you need, how long will you need the money for, how long will you need to pay the loan off and how much of a monthly payment can you afford.
Timothy Gorman is a successful webmaster and publisher of Military-Loans-Online.com. He provides more free financial information and types of home equity loans 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.
Article Source: http://EzineArticles.com/?expert=Tim_Gorman
http://EzineArticles.com/?Home-Equity-Loan-Types&id=10387
Home Equity 2nd Mortgage Loan Specific links
Blinkx Video Search
- World's largest video search engine. Over 26 million hours of video.
-- http://www.blinkx.com/
Flash Games
- Need to kill a couple of minutes, as well as a few aliens? Entertain yourself with these diabolical masterpieces. On Atom.com
-- http://www.atom.com/
Ripe Tv!
- Hottest Video portal on the internet. Every Kind of Video - Supermodels, Martial arts, Cool shows, Pick Miss Ripe and More
-- http://www.ripetv.com/
Entertainment News
- Breaking headlines and Hollywood gossip. Free entertainment videos and clips!
-- http://www.ivillage.com/
Is Your Dog Sick?
- Diagnose the Problem with PetVet Condition Finder on Petside.com
-- http://www.petside.com/
Home Equity 2nd Mortgage Loan News
Fed’s Rosengren Calls for ‘Concerted’ Fiscal, Monetary Policies - Bloomberg
Fed’s Rosengren Calls for ‘Concerted’ Fiscal, Monetary Policies Bloomberg - One in 10 US home loans were delinquent or in foreclosure in the third quarter of last year, according to Mortgage Bankers Association data. ... |
Fannie Mae Tests 'Short Sales' as Alternative to Foreclosures - Wall Street Journal
 Xinhua | Fannie Mae Tests 'Short Sales' as Alternative to Foreclosures Wall Street Journal - An analysis by Clayton Holdings Inc., which tracks mortgage loans for investors, found that short sales result in average loan losses of about 19%, ... Average Mortgage Rate Hits 5%, Lowest in Decades Mortgage rates fall to record low again Freddie Mac: Benchmark mortgage rate continues to new low |
Fewer apply for home loans; credit line delinquencies increase - Los Angeles Times
Fewer apply for home loans; credit line delinquencies increase Los Angeles Times, CA - The Mortgage Bankers Assn. said applications for home loans fell 8.2% last week from the week before. The figures were seasonally adjusted. ... |
FHLBs May Fall Below Capital Minimums, Moody’s Says - Bloomberg
FHLBs May Fall Below Capital Minimums, Moody’s Says Bloomberg - 8 (Bloomberg) -- The Federal Home Loan Banks face potentially “substantial” losses on mortgage bonds, and in a worst-case scenario only four of the 12 would ... |
Lenders Backlogged By Refinancing Rush - Washington Post
 Washington Times | Lenders Backlogged By Refinancing Rush Washington Post, United States - Bank of America, which started shedding 7500 employees after its July merger with Countrywide, recently yanked 300 workers from its home equity line ... Is It Time To Refinance Your Mortgage? Homeowners with good credit scores are poised to capitalize on ... Refinancing suddenly booms |
FDIC Unnationalizes Some Debt - Forbes
FDIC Unnationalizes Some Debt Forbes, NY - Private National Mortgage Acceptance, a private-equity firm that likes to be known as PennyMac, said it had purchased residential loans worth nearly half a ... Investors buy $558 million in mortgages from FDIC Is This How You Solve The Housing Crisis? |
Home loan applications pile up - San Jose Business Journal (subscription)
Home loan applications pile up San Jose Business Journal (subscription), CA - Lenders now require higher credit scores as well as substantial equity in the home. Tougher standards are one reason why fewer applications will be approved ... |
High and Low Finance Bull Market Dividends Were a Sign of Lax Lending - New York Times
High and Low Finance Bull Market Dividends Were a Sign of Lax Lending New York Times, United States - Until the recent boom, the vast majority of home mortgages called for the homeowner to make monthly payments for up to 30 years, with the loan paid off by ... |
Here's what to do if your home-equity line is slashed - MarketWatch
Here's what to do if your home-equity line is slashed MarketWatch - Coverage of home buying and selling, housing prices, mortgage information and home improvement. By the way, the quote marks are the Federal Reserve Board's ... |
Low mortgage rates tough to get - San Jose Mercury News
Low mortgage rates tough to get San Jose Mercury News, USA - But the biggest hang-up for refinancing is the decline in home values, Warshawsky said. Jerry McClain of S&L Home Loans in San Jose, who is hospital ... |