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Home Equity Line of Credit
Current low rates on home equity line of credit will get you a loan with a low EMI that leaves you with cash to help you get out of debt forever. But remember this loan is on your equity (home) and that non-repayment of loan will result in a foreclosure, ie... you may lose your home. What is a home equity line of credit?A home equity line of credit is a form of revolving credit in which your home serves as collateral. Because the home is likely to be a consumer's largest asset, many homeowners use their credit lines only for major items such as education, home improvements, or medical bills and not for day-to-day expenses. With a home equity line, you will be approved for a specific amount of credit, your credit limit, the maximum amount you may borrow at any one time under the plan. Many lenders set the credit limit on a home equity line by taking a percentage (say, 80 percent) of the home's appraised current value and subtracting from that the balance owed on the existing mortgage. For example, if you have a current mortgage of $5000 and (value * 80%) of your house is $1000 - it gets you a home equity line of credit of $10,000 - $5000 = $5000. You first mortgage is paid off and you have a new mortgage at a lower rate. The better part is that you have cash in hand of about $5000. Using a credit line to borrow against the equity in your home has become a popular source of consumer credit. And lenders are offering these home equity credit lines in a variety of ways. You will find most loans come with variable interest rates, some come with attractive low introductory rates, and a few come with fixed rates. You also may find most loans have large one-time up front fees, others have closing costs, and some have continuing costs, such as annual fees. You can find loans with large balloon payments at the end of the loan, and others with no balloons but with higher monthly payments. No one loan is right for every homeowner. The challenge, then, is to contact different lenders, compare options, and select the home equity credit line best tailored to your needs. Be sure to review the home equity contract carefully before you sign it. Do not hesitate to ask questions about the terms and conditions of your financing. Is a home equity credit line for you?If you need to borrow money, home equity lines may be one useful source of credit. Initially at least, they may provide you with large amounts of cash at relatively low interest rates. And they may provide you with certain tax advantages unavailable with other kinds of loans. (Check with your tax adviser for details.) At the same time, home equity line of credit require you to use your home as collateral for the loan. This may put your home at risk if you are late or cannot make your monthly payments. Those loans with a large final (balloon) payment may lead you to borrow more money to pay off this debt, or they may put your home in jeopardy if you cannot qualify for refinancing. And, if you sell your home, most plans require you to pay off your credit line at that time. In addition, because home equity loans give you relatively easy access to cash, you might find you borrow money more freely.
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>> Money Nest: When you fill up their bad credit home equity loan form, they will give you a free, no-obligation quote from a selection of 600+ competitive and trusted lenders in their network. The result is that you end up paying the lowest interest rate. Most loans are approved in 1 day. Residents of all states of the US are eligible.
Mortgage Quotes From Lenders Near You: Alaska | Alabama | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Washington DC | Florida | Georgia | Hawaii | Idaho | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Minnesota | Mississippi | Missouri | Montana | Nebraska | Nevada | New Hampshire | New Jersey | New Mexico | New York | North Carolina | North Dakota | Ohio | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington | West Virginia | Wisconsin | Wyoming More Information: Federally Insured State Non-Member Banks and Savings Banks National Banks and National Bank-Owned Mortgage Companies Federally Insured Savings and Loan Institutions and Federally Chartered
Savings Banks Federal Credit Unions For state-chartered credit unions, contact your state's regulatory
agency. Other Information Sources Federal Housing Finance Board Department of Housing and Urban Development Office of Federal Housing Enterprise Oversight (OFHEO) |
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