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Fixed Rate Home Equity Loans

If you are considering getting a home equity loan, you can either get a fixed rate loan or a home equity line of credit. Lenders usually base the rates on their home equity loans on their Prime Interest Rate, the interest rate they charge their most qualified clients or borrowers.

Home Equity Loans

Friday, March 9, 2007

Tip! Another reason to get a home equity loan is for the payment for education. With today's soaring tuition, most homeowners would rather use home equity loans than to pay it with cash.

As a homeowner, you may be able to borrow against the equity in your home. The equity is the difference between the property's market value and the outstanding loan balance. These types of loans have become increasingly popular because they can be used for almost anything. Common uses include debt consolidation (paying off high-interest credit card debt), home improvements, purchasing or refinancing a home, and paying for education expenses like college tuition.

The primary advantages of a home equity loan are a lower interest rate and
potential tax deductions. The interest rate you will pay on a home equity loan
is generally lower than the interest rate you will pay on the average credit
card or any other type of non-secured debt. Also, you can generally deduct the
interest you pay. The interest you pay on credit cards and other types of
personal loans is typically not tax-deductible.

Home equity loans usually come in two forms: a second mortgage and a home equity
line of credit. Here are better definitions of the two:

A Second Mortgage, like a first mortgage, is a loan that uses your house as a
guarantee that you will make your payments. The loan is a form of credit for
which your home is pledged as collateral. Generally, home equity loans offer a
fixed interest rate and a fixed monthly payment. A standard home equity loan is
paid off over an extended period of time.

A Home Equity Line of Credit also known as a HELOC, is a type of revolving
credit for which your home is pledged as collateral. The interest rate and
payments are variable. A home equity line of credit works similarly to a credit
card. The payment each month is based upon the outstanding balance owed. As
payments are applied to principal, your available credit increases accordingly.

If you are considering taking out a home equity loan, shop around. The home
equity industry is highly competitive. Look for the best rates and repayment
plans that are available.


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For a recommended source for your next

home equity loan, visit
HomeEquityWise.com.

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8:21 AM

1 Comments:

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