Home Equity Loans and Lines of Credit
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With a Home Equity Loan you can use your home as collateral to consolidate bills, make home improvements, buy a new car, plan a vacation, etc. The minimum amount available for a loan is $10,000, but you can borrow as much as $250,000. There are no closing costs or fees associated with the loan.
Home Equity Loans provide large amounts of cash at relatively low interest rates.
Be careful though, because you are using your home as collateral. This puts your home at risk if you are unable to pay your mortgage on time. If you sell your home, you will be required by most plans to pay off your credit line at that time. This could leave you stuck in your home when you are ready to move.
Remember, there are other ways to borrow money without using your home as collateral. See personal loan sg for more options.
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Find out what is in the news about home equity loans:
Home Equity Rates - Now!
GTE Federal Credit Union licences StreamLend Velocity for loan processing
GTE FCU will use StreamLend Velocity for automobile loans, personal loans, insurance services, indirect lending, and home equity loans through a variety of channels including in-person, branches, loan by phone, call centers, online, fax, and email.
Low home equity thin ice for some
A comprehensive new analysis of home-equity holdings nationwide suggests that the reality is much more nuanced.
Mortgage rates rise 4th straight week
Bernanke has his eye on a scary case scenario in which "prices and construction could decelerate more rapidly than currently seems likely."That could lead to less borrowing against home equity and less spending by homeowners -- a sequence of events that the Fed doesn't wish to happen.
Deciding When to Use Home Equity
When you apply for a home equity loan, you take out an additional lien against your house or other real estate. This means that you have another claim against your property by a lender, and that if you are unable to repay your debts then the value of your house or real estate will be used to pay off the original mortgage and then the remainder will go toward your secondary lien.
Wife's age hurts reverse mortgage
The mortgage manager suggests we obtain a home equity loan instead. We have income of only about $60,000 per year. But we are cash poor and want to do some traveling. I know you recommend reverse mortgages. This doesn't seem like a good deal.
What are people saying about mortgages today:
Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.
Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.
Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.