Equity Home Loans

A home equity loan or line of credit allows you to borrow money, using your home's equity as collateral.

Collateral is property that you pledge as a guarantee that you will repay a debt. If you don't repay the debt, the lender can take your collateral and sell it to get its money back. With a home equity loan or line of credit, you pledge your home as collateral. You can lose the home and be forced to move out if you don't repay the debt.

Equity is the difference between how much the home is worth and how much you owe on the mortgage (or mortgages, if you have more than one on the property).

A home equity loan (or line of credit) is a second mortgage that lets you turn equity into cash, allowing you to spend it on home improvements, debt consolidation, college education or other expenses.

There are two types of home equity debt: home equity loans and home equity lines of credit, also known as HELOCs. Both are sometimes referred to as second mortgages, because they are secured by your property, just like the original, or primary, mortgage.

Home equity loans and lines of credit usually are repaid in a shorter period than first mortgages. Most commonly, mortgages are set up to be repaid over 30 years. Equity loans and lines of credit often have a repayment period of 15 years, although it might be as short as five and as long as 30 years.

Home Equity Loan

 

Home Equity Loan Knowledge Base

Is it better to get a home loan thru home equity line loan?

I am thinking of refinancing and Chase Bank is ready to give a 10 yr 170k home equity loan. Is this a better than my existing home mortgage loan. Is...

Can my wife take a home equity loan for personal use on a jointly owned home without my consent?

My wife earns more money than me. The home loan is in her name but the home title is in our joint names. Can she take a home equity loan without my co...

Home equity loan or refinance existing home loan?

My husband and I are looking into a home equity loan or refinancing our existing home loan. We own a doublewide on 4 1/2 acres that has been converted...

Can I pay off a home equity loan with my credit card ( lower interest rates!)+ how do I do it?

I have an offer from a credit card co with a low interest rate, 2% lower than my home equity loan interest. I would love to get rid of the horrible 8....

can i get a home equity loan on a home i just bought that i was gifted equity in it?

we are buying a home from my mother. she is gifting us the equity in the home. can we get an equity loan at the same time as we get our home loan or d...

What is a home equity loan and what is the process to applying/being accepted for one?

I paid roughly $90,000 for my home. It was a TLC home and I've fixed it up in the past 9 years dramatically. New roof, new walls, siding, porch, h...

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Mortgage

 

Mortgage Knowledge Base

mortgage??

if i buy a home of $350,000 detached / semidetached and 10,000 down payment then how much mortgage will i have to pay every month???? thanks for t...

What happens to the second mortgage when the first mortgage forecloses?

I am going through a foreclosure on my first mortgage, what are my options with dealing with the second mortgage? Any legitimate websites with guides ...

What happens to a second mortgage when a home is purchased at a foreclosure auction?

I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decisio...

Can I get a refinanced mortgage if i start a home business with no employees and still work my regular job?

I want to refinance my mortgage and I want to start a home business before doing so. It would have no employees and I would still keep my current job....

How much mortgage debt is there in the USA?

Given all the worries about credit in this country, and subprime mortgages, I was curious as to what the entire amount of home mortgage debt is. Ther...

Can our 2nd mortgage company attach our wages once our home is sold as a short sale?

Our 2nd mortgage company is suing us for $25,000 (the balance on our 2nd after they signed off the lien for the short sale). They have submitted pape...

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Home Loans

 

Home Loans Knowledge Base

home loans?

anyone know what mortgage companies do loans for not such great credit but plenty of equity in our home to use.credit scores near 600.

What are the disadvantages of subprime home loans?

I'm getting ready to buy my house. I know to do a 30-yr fixed rate. I'm just wondering what is the buzz about subprime home loans? It seems to...

What percentage of home loans are in default in America?

I keep seeing the statistic 2.1 Mil in default. What percentage of home loans does that represent?

Why do people that do home loans get so mad when you shop around?

I've heard a friend of mine <that does residential and commercial real estate loans> go completely nuts every time her customers shop around...

I want to know all about Realestae license and home loans?

I wnat to know why you need a license and what areas you can start in without a license, some good ideas to get my foot in the door. Really I want to ...

Can you refinance your home loans even though your house is worth less than what is owed?

We have 2 loans and with the interest rates going down, it may be in our best interest to try and refi and have lower payments though most people woul...

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Equity Loans

 

Equity Loans Knowledge Base

What to look for when shopping around for home equity loans?

Any advice on what to look for when shopping around for home equity loans? Are there referral commissions? I have a couple of individuals lookin...

How tax deductible are charitable donations and home equity loans?

When they say donations and home equity loans are tax deductible, what does this mean? Does a $1000 donation mean $1000 less federal income tax? Does ...

Home equity loans what happens when my mom dies?

My mother who is 85 got a equity loan on her home rather than a reverse mortage loan. I was told today that when she passes the total loan becomes d...

Why is it that many loan companies wont provide home equity loans on property that are used for agriculture?

One that comes to mind is quicken loans. Any information would be appriciated, thanks. The thing is, my home is included in my land that I use for ca...

Is it smart to use a home equity loan to pay off car loans, and a line of credit?

My husband and I need to lower our monthly payments. We have no debt except a line of credit for $60,000 with the payment of $410 and two car loans b...

Are architect or permit fees considered part of "construction costs" for home equity loans?

We plan to use a home equity loan to rebuild our studio, putting the loan money in a separate bank account and using that account solely for "con...

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Personal Loans

 

Personal Loans Knowledge Base

Personal Loans?

I'm planning on moving soon due to a job change and I've been looking up personal loans to take out to cover the expenses until I get on my fe...

How to get more and more credit cards and personal loans with bigger credit limits?

I am a trader of textiles,maintaining a good balance in my savings account and have a good credit history of more than one year. I am going to apply...

Is the interest you pay on personal loans tax deductible?

We had two personal loans this year totaling around $8,000 with interst of about 800. Is this tax deductible?

I am planning to buy a home outside the United States, I am wondering if I can get mortgage loans or personal?

I am planning to buy a home outside the United States, I am wondering if I can get mortgage loans or personal loans here in the US. If so who should I...

Can you take out multiple personal loans?

Most personal loans are $25,000 at max. If you need $100,000 for let's say surgery, can you take out four loans from different companies or will ...

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