Archive for the ‘Home Equity Loan’ Category

Online Home Improvement Loans – How To Finance A Home Improvement Project?

Thursday, January 11th, 2007 Companies

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Home Equity Loan – Beware Of Bad Lenders

Thursday, January 4th, 2007
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Home Equity Loan – Factors To Consider

Saturday, December 30th, 2006 and
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Financing Your Home Equity Loan In Cyberspace

Sunday, December 24th, 2006

By now, most of us rely on the Internet for a great deal of
things. Chances are that you have made an online purchase
recently. It is even possible to order groceries online and
have them delivered to your front door. Due to its penetration
into our everyday lives, it is no surprise that online money
management has become a staple of the Internet. Not only can
you monitor your bank account, opening special savings
accounts, and pay your bills online, but it is also possible to
get a home equity loan using the Internet.

Online Lenders

There are several lenders that offer competitive interest rates
on home equity loans and home equity lines of credit. These
rates are often lower than the rate you would get at a local
bank. This is because many exclusively online lenders have
lower overhead. Some lenders, like E-Loan and Bankrate offer
loans at various rates, depending on your credit. Other sites,
like Lending Tree, actually have you put in your information
and then find the best rates from a variety of sources. Either
way, researching the best interest rates can be done from home.

Applying For Your Home Equity Loan

Most online sites offer fairly simple forms for you to fill out
in order to apply for the loan. If you need help, live chat is
provided, or a phone number that you can call to be talked
through the process. Most users find the forms easier to fill
out than the paperwork issued at a bank. Additionally, in many
cases you can receive an approval answer for your home equity
loan in less than two minutes. In order to make sure that your
information is secure, make sure that you are dealing with a
reputable company. Secure sites have addresses that start with
=EChttps=EE instead of merely =EChttp.=EE Before entering any personal
information, make sure you check the address bar.

Watching Out For Scams

As with all great, new technologies that provide access and
convenience, the Internet is a prowling ground for predators.
Scammers wait to bilk the unknowing out of their money. Before
applying for a home equity loan using the Internet, make sure
that you are using a company that is legitimate, and make sure
that you are using a secure server (see above paragraph).
Additionally, to reduce the risk of hackers getting your
information, make sure that you close your browser window
completely, and clear your history or cache after you are
finished with the home equity loan form.

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finding reputable

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Using A Loan For Home Repair

Sunday, December 24th, 2006

No matter how much you love your new home when you purchase it,
the odds are that at some point in the future you will want to
think about some kind of home improvement project, whether it
is remodeling or making an addition. Upgrading a kitchen,
adding a swimming pool, extending a wing of the house to
include a study and another bedroom, or putting up a new fence
are all common projects undertaken by home owners to improve
both the look and the value of their homes. The problem is, all
of these tasks cost money.

For those wondering about where they can get the funds to make
their project a reality, there is always the possibility of
home improvement financing. Whether engaging in simple
decorating, in home repair, or in a big improvement project,
financing options are available. This financing will usually
take the shape of a loan, and loans will differ in conditions
and charges according to the borrower. There are a few options
when it comes to these loans. They can be paid on a monthly
basis, a bi-weekly basis, or on quarterly payments. The length
of the loan is also something to determine; will it be paid off
over five or ten years, or even more? Remember that the time
will determine the amount of interest paid on the loan.

The reason for taking out a loan like this is because not all
projects can be done by amateurs. Sometimes, whether we like it
or not, we have to call in the professionals to do what needs to
be done in our homes, and tradespeople charge quite a bit of
money. Even projects that can be undertaken by novices will
necessarily entail some costs in terms of materials, so really
big jobs will always need some extra cash available. Many
people will never be able to save up the money necessary for
the project, so taking out a loan becomes a necessity. For some
reason, most find it easier to pay off than to save up.

The best way to get a loan is to shop for one. Don’t take the
first offer you see advertised; instead, shop around and try to
get a price that is the lowest available. There are many
institutions that offer loans such as banks, credit unions, and
loan companies, and they all have different qualities as far as
interest charges and terms. You will need to have a clear idea
of what your home is worth and its equity, as well as your
earning potential, in order to be approved for the loan. It is
vital to take your time and do a lot of checking before signing
any agreements, to make sure that the venture doesn’t cost too
much in the end.

About The Author: Concentrating on the topic of remodeling,
Peter Wilson is writing first and foremost for . Working on his reports
(such as on kitchen
cabinets ) he improved his expertise in the field.

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Consolidate Your Debts With Home Equity Loans

Sunday, December 24th, 2006

Your home is your biggest asset. It does not just provide you
shelter; it also comes to your aid when you are in financial
distress. The equity of your home, built over the years, can be
used to obtain loans by acting as the collateral. You can find
two types of home equity debt, namely in the form of home
equity loans and also in the form of home equity lines of
credit otherwise known as HELOCs. Both of them are described as
second mortgages, because just like the primary mortgage, the
equity loan is also secured by your property. But unlike the
first mortgage, the equity debt is repaid over a shorter span
of time. The first mortgage is usually repaid over a span of 30
years, whereas the equity loan is usually paid within fifteen
years. However, there are exceptions and the repayment period
may be as short as 5 years and as long as 30 years.

The growing popularity of home equity loan generally coincides
with the recent surge in property value and relatively lower
rate of interest. Thus more and more homeowners are turning to
home equity loans for managing their personal debts. Other
advantages of the home equity loan also include lower interest
rate and tax deductions, making this mode of debt even more

So far as the equity rate of interest is concerned, it is
slightly higher than the first mortgage, but considerably lower
than credit card loans or other consumer loan interests. Because
your property is used as the collateral in equity loans, lenders
consider them as secure as the first mortgage.

The tax deduction feature may be the biggest reason behind the
huge popularity of home equity loans. Mortgage debt comes with
attractive tax savings compared to lets say consumer loans,
thus it is highly cost effective to consolidate your other
debts with this loan and enjoy lower interest rate plus tax
deduction benefits at the same time.

With these benefits, namely considerably low rates for equity
debt and tax deduction on the interest payments, it is no
wonder that a number of homeowners are utilizing the equity of
their homes to meet further expenses and debts. True, it is a
mortgage on your precious home, but if you are able to pay back
the entire amount within a short span of time and you have
stable income, home equity loan is a good option for much
needed credit.

About The Author: If you want to secure a Home Equity Loan go
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Home Equity Loan Or Line Of Credit?

Sunday, December 24th, 2006

Your home represents your most valuable asset, and a usually
sound investment. As you pay on your mortgage, and as the value
of your home increases, you build equity, or ownership, in your
home. And, when you need money to pay off debts or improve your
home, that equity can help you by providing capital in the form
of a loan against your home%rsquo;s accrued value. When it comes to
using the equity in your home for the extra cash you need, that
equity usually comes to you in one of two forms:

1. Home equity loan
2. Home equity line of credit

While both essentially represent a loan, the way you get the
money differs. Deciding whether to apply for a home equity loan
or a home equity line of credit depends a great deal on what you
want to do with the money you get.

Home Equity Loan

A home equity is a lot like any regular loan. You borrow a
specific amount of money from the lender, agreeing to pay it
back over a certain period of time and at a certain rate of
interest. The interest rate can be fixed (meaning it remains
the same) or variable (meaning that it changes as the Federal
Reserve adjusts the prime rate), and the term can be from 5
years to 30 years, although the average term is 15 years. Your
home is used as collateral, so that if you default, the lender
can recover some if its losses by taking your home. A home
equity loan can be ideal for consolidating debt or for taking a

Home Equity Line of Credit

Many financial experts compare a home equity line of credit to
a credit card. Instead of giving you a lump sum, a lender lets
you know how much you can borrow, and then gives you a way of
accessing cash when you need it. Don%rsquo;t be fooled, however. This
is still a loan. You can usually choose between a fixed interest
rate and a variable interest rate. You make payments on the loan
as you go along, and as you access more of your line, the
payments can increase. A home equity line of credit is ideal
for those wishing to access their homes%rsquo; equity in order to do
home improvements. It allows you the freedom to get the money
you need for improvements as you need it, but without borrowing

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Home Equity Loan For People With Bad Credit

Sunday, December 24th, 2006

Bad Credit Home Equity Loans are a Good Thing

If you are in the unfortunate situation of looking as loans for
people with bad credit, take heart. You are not alone. More and
more people need to take out loans for some financial need, and
one possible source is a bad credit home equity loan.

People end up with a bad credit rating for a myriad of reasons.
Late payments and bankruptcy are obvious factors. Not so obvious
is the debt to income ratio factor. If you happen to have
college loans that are around $20,000 and marry someone with
the same amount of college loan debt, you both may now have bad
credit. Even if you own a home and have a pristine credit
history a large loan taken out for an emergency will greatly
affect your credit score. If your credit score is lower than
you like, the good news is that it doesn=EDt have to stay that
way forever! There are many loans for people with bad credit
and a bad credit home equity loan is one place to start.

A home=EDs equity is the current fair market value of the home,
minus any mortgage payments left to be paid. What this boils
down to for a lender is what they can get for the home if they
have to seize it from the owner for failure to pay. Even with a
low credit score bad credit home equity loans are available for
up to 90% of the equity in the home. Most lenders are
comfortable giving equity loans for people with bad credit.
Since there is collateral involved finding such a loan
shouldn=EDt be a problem. The tricky part will be finding a bad
credit equity loan with an interest rate that you=EDre
comfortable with.

Reasons behind taking a bad credit home equity loan vary
greatly. Currently, homeowners are opting to take their home=EDs
equity and then reinvest it in their home through updating and
remodeling. Or, maybe someone is able to pay off a sizeable
amount of credit card or school loan debt with a home equity
loan. Not only will it be a relief to pay off all your other
creditors, your interest rate will go no where but up!

If you=EDre looking at loans for people with bad credit and own a
home, a bad credit home equity loan is a good option. Interest
rates will be lower than for any other loan you could get and
it=EDs relatively easy for a homeowner with any credit rating to
get one of these loans. Regardless of your reasoning behind
getting a bad credit home equity loan, be careful as to whom
you choose as your lender. Read the fine print and plan a
strategy to increase your credit score with the equity loan.
Your financial security will increase and your credit score
will thank you.


About The Author: Finance Blog is a bad credit personal loan
blog, who help loan seeker find the best personal loan rates
via his website

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Home Remodelling Loan And Checklist Before Picking A Home Remodelling Loan.

Saturday, December 23rd, 2006

On one weekend, a Saturday in particular, I decided to attend a
seminar on home remodelling. I Usually prefer to call it home
renovation. It was basically for the elderly people.

Am not in the elderly bracket but I decided to attend anyway
because I was feeling a bit lonely and wanted to be occupied.
On looking around the room, I saw that most people were in my
age group.

Think it is because they have to meet most of the cost for
refinancing the renovation of the home of their old ones.

This seminar turned out to be good to me and at the end I was
convinced it was a good take.

In this seminar, it was revealed that research so far shows
It will probably cost anywhere from $100,000 to $150,000 to do
a good renovation of a house for the elderly. This seems a
staggering amount, until you consider that it would cost them
from $3,000 to $5,000 per month if they were to rent a unit in
a retirement facility in a location where they might not be as
happy. Looking at it from that point of view, in four years or
less, they would have spent the money anyway, and at least
making home improvements allows them to continue to live in the
same location and keep their asset.

The biggest challenge many older adults face when renovating
their homes is how to pay for them. Many are on fixed incomes
with few resources. Their property may have increased in value,
but they are cash-poor.

During this seminar, a flyer was distributed that provided a
telephone number for the city and county Elderly Affairs
Division Rehabilitation Loan Program. Many cities have similar
funds available as a means to assist individuals to stay in
their own homes, rather than move to more costly facilities.

I learnt that the loan program was available to a person or
family requiring home modifications, based on a health or
safety need. The home loan program required that an application
be submitted with information about the number of persons living
in the household and their combined annual income. This
information was then used to determine the interest rate for
the loan. For example, for combined incomes of less than
$41,000 or so, the interest rate was 2 percent; for less than
$52,000, 4 percent; and so on.

Another thing I learnt is that you can also have an option,
which is that of a reverse mortgage. A reverse mortgage is a
special type of home loan that lets a homeowner convert a
portion of the equity in his or her own home into cash. The
equity built up over years of home mortgage payments can be
paid to the owner, but unlike traditional home equity loans or
second mortgages, no repayment is required until the borrower
no longer uses the home as the principal residence.

Reverse mortgages are available through different lenders, as
well as HUD. There are some property restrictions, but
single-family homes, two-to-four-unit properties, condominium
units, townhouses, and some manufactured homes are eligible.
Generally, the greater the value of the home, the older the
owners, the lower the interest rates, and the more one can
borrow. This is good news right now, with interest rates so
low, and it is an opportunity for your patients who have a
higher annual income that disqualifies them from other
programs. And if they live in an area of the country where land
or home values are traditionally higher, such as Hawaii or New
York, it may be the best option available for refinancing.

Given the sheer amount you have to invest or borrow, here is a
checklist before you decide on any renovation project.

Consider the following before you decide how to finance your
home improvement project:

-Talk to lenders about your options.

– Know that lenders are concerned about income, debts, credit
history and property value.

-Consider a secured loan when you want to borrow more money,
get a lower interest rate or reduce taxes.

-Refinance an existing loan if you have enough equity and if
the rates are two points lower now than when you initially
borrowed the money.

-Use a home equity line of credit that is secured by your home
so youre your interest is tax deductible.

-Take out a home equity loan to get fixed rates and payments.

-Consider a homeowner loan that is secured by your property.
Use a value added loan when the improvement you make will have
a substantial impact on the market value of your home.

-Do your research before using contractor financing.

Good Luck

Get more information on home loans and home remodelling by
Lubowa.M.Planet. Visit Home Loans and mortagewebsite.

About The Author: Get more information on home loans and home
remodelling by Lubowa.M.Planet. Visit OR

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