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...

How does mortgage fraud affects the subprime mortgage crisis?

In the actual Subprime mortgage crisis in the US huge amounts of mortgage frauds were discovered. What's the part that these frauds played in the actu...

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 does a mortgage holder get out of PMI payments on their mortgage loan?

Seems to me that PMI is very costly for the home owner, especially me with a perfect credit rating and new funding source to maintain a mortgage if I ...

I have a mortgage on one home, can I get a second mortgage to pay for another house?

I'm planning to relocate, but current owe a mortgage for $50k. I also have a bankruptcy on my record thats a couple of years old. I'd like to find n...

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Home Loans

 

Home Loans Knowledge Base

home loans?

are no income verification loans, still beig offered for home mortgages? or have they tighted that option up?

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?

How do you get grants for home loans?

I was wondering if anyone new how to get grants for down payment assistance for loans to purchase a home?

What is the current interest rate for home loans?

Can people even get home loans right now? What is the current rate? Where do you find such information?

Why for home loans the banks are calculating the interest rate?

I Check with the bank for the home loans,they told me 7.5% as floating & 7.25% as fixed,I need to know what is the difference between these two terms?...

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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?

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More than one home equity loans at a time?

I want to know if I can get more than one home equity loans at a time for a single house from different banks. Because I've applied for a home equ...

Should I take out a Home Equity loan to pay off my private Student loans?

I heard that taking out a Home Equity loans to pay off my private student loans is an option. They are several loans through Sallie May resulting in ...

Where can I find average annual interest rate data for Home Equity Loans?

I am looking for data on the average annual interest rate of Home Equity Loans. From 1970-current would be ideal. Do you know where I can find thi...

is there a place that offers home equity loans to people that have bad credit?

my boyfriend and i own our home with no mortgage. we have around $76,000 of equity in our home but have bad credit. is there somewhere we can go for ...

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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 feet with ...

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...

What's the deal with personal loans from companies like Discover?

Over the past few years, I've received several offers from credit card companies, or companies like GE that are for personal consolidation loans. ...

Where I can get best personal loans in India?

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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...

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