 |
Types of Home Equity Loans
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.
MORE RESOURCES updated Thu. September / 28 / 2023
 |
 |
 |
RELATED MORTGAGE AND REFINANCING ARTICLES:
Mortgage Calculator -
How to Calculate Your Monthly Mortgage Payment
Just starting to shop for a new home? Do you want to know
how to figure what your monthly payment would be based on a
certain priced home? No problem, there are plenty of
mortgage calculators on the web you can use free of charge
(click here for an example of one). All you need to know is
the mortgage amount, sale price less the down payment,
interest rate (also easy to access on the web), and the
number of years you wish to finance your new home, usually
30 years (360 months) is the maximum term.
Mortgage
Soup
Looking for home mortgage loans can get confusing with the
alphabet soup of mortgage loans programs available today.
Most of these programs are just variations of fixed rate
and adjustable rate mortgage loans.
Council Right to Buy
Mortgage - Helping Everyone Have a Home of
"We will help every Council Tenant to become Home Owners"
With these historic words Margaret Thatcher initiated an
equally historic concept of council right to buy scheme.
However, the groundwork for this scheme had been laid much
before in the 70s under the reigns of the labour
government.
Home Mortgage Quotes
Online - How Do They Compare To a Quote From a Broker in
The Real World?
Online home mortgage quotes are very similar to the quotes
given by mortgage brokers in "the real world," except
lower. With the reduced cost due to a simplified
application process and reduce overhead for office space
and personnel, online mortgage lenders can offer financing
with no fees or lower interest rates.
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.
The Debt Test: Are You
Making Out a Mountain Out of Your Mortgage?
According to the Council of Mortgage Lenders, first-time
buyers are the most susceptible group of homeowners to
debt, as they are more likely to have higher loan-to-value
ratios and commit a higher proportion of their income to
mortgage repayments. Despite their susceptibility to debt,
there is evidence which indicates that insurance take-up
and employee benefits provide recent first-time buyers with
a safer foundation than the general population of mortgage
borrowers.
Adjustable Rate
Basics
An adjustable rate loan, most simply stated, means that
your interest rate can be adjusted up or down over the
months and years. By adjusting the interest rate your
monthly payments might also change.
Say Yes to ISA Mortgages
for a Convenient Mortgage Repayment
Customers who opt for an interest only mortgage, and feel
themselves fortunate at the extraordinarily low monthly
installments, wake up. The mortgage may be fast approaching
its repayment.
A Guide to Getting a Bad
Credit Remortgage
There are several reasons why you might be in the market
for a bad credit remortgage. You might be wanting to try to
lock in a lower interest rate, or perhaps you simply need
to use the bad credit remortgage as a way to consolidate
some of your debts.
Tips for First Time Home
Buyers
When looking at tips for first time home buyers, you've
come to the right place. Many people are looking all over
the Internet for reliable information.
Selecting the Right
Mortgage for You
A mortgage is a loan you take out to buy a home. This loan
covers the "principal" (purchase price of the house minus
your down payment) plus the "interest," which is the fee a
lender charges you to borrow the money.
How to Buy a Home
Without a Down Payment
Mortgage rates are rising and it's becoming more difficult
for a prospective buyer to save up for the necessary down
payment. Fortunately, there are ways around this hurdle.
How to Avoid Paying
Mortgage Insurance
In today's world, a borrower should not be paying mortgage
insurance (PMI) on their home mortgage with a few
exceptions such as an FHA loan. Mortgage Insurance is a
thing of the past.
Some of the Available
Loan Types
There are many mortgage products available on the market
today. We can help you find out which one is right for you.
Refinancing Your Home
Mortgage Loan
You're considering refinancing your home mortgage loan to
save money. Interest rates are the lowest they have been in
decades.
Should You Refinance
Your Mortgage if Interest Rates Drop?
Mortgage refinancing is when you take a mortgage of a
certain interest rate and term length, and change it for a
different interest rate and term. If you are looking to
refinance your home loan it is usually done when rates have
dropped considerably therefore making it advantageous to do
so.
Know Your Mortgage
Options
While trying to find the lowest rates, many homeowners fail
to examine the type of mortgage, and which type of mortgage
is best suited to their needs. Whether you are buying a new
home or refinancing, it is important to understand the
different mortgage types, and evaluate which one best meets
your needs.
Commercially Viable
Commercial Mortgages
Commercial mortgages are similar to residential mortgages.
Usually taken by businesses, commercial mortgages are
secured against business property.
Home Equity Loan - Is It
For You?
A Home equity loan has become an easy way to not only pay
off other non-deductible debt, but to come up with large
wads of cash for remodeling projects, vacations and more.
People have financed college educations with a home equity
loan, so your imagination is your only barrier.
Interest-only Mortgages
Have Their Pitfalls
Rising home prices, particularly on the East and West
coasts have put the costs of home ownership seemingly
beyond the reach of many. And yet, home ownership is up
nationwide, and the percentage of Americans who own their
homes is the highest it has ever been.
|
used office furnishings-supplies-equipment-desks-cubicles-service-counters for
sale in Akron Ohio
Die cast model cars for sale in Akron Ohio
used cars for sale in Akron Ohio
unfurnished homes for
rent in Akron Ohio
first second
ARM compare rates find the best rates current in your area lenders read reviews calculator adjustable rate loan home lenders brokers
quotes florida houston gmac washington interest only 2nd software debt consolidation
reverse senior equity texas maryland options lending bad credit
option one ameriquest chase first banks emc residential california miami dallas est branch marketing
home company commercial yahoo online bad credit low credit no credit |
|