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How To Tap In To Your Home Equity


With today's relatively low interest rates and climbingproperty values, many consumers are considering taping intotheir home equity to finance everything from homeimprovement projects to debt consolidation.

Secured home loans, also called home equity loans, areloans backed by the borrower's equity in their property.Equity is the difference between your home's appraisedvalue and the balance on your mortgage.

When a homeowner takes out a secured home loan, theypromise to repay the lender and sign a contract that makestheir home the collateral for the loan. If the borrowerdoes not repay the loan as agreed, the lender has the rightto foreclose on the home. Generally, loans are repaid witha monthly payment over a fixed term.

As interest rates and loan terms may vary widely dependingon your credit score, your home equity, and the amount ofthe loan, it is important to compare several differentlenders to ensure you are getting the best loan for yoursituation.

There are many advantages to secured home loans. Homeequity loans generally have lower interest rates thanunsecured loans. In addition, there are many differenttypes of secured home loans to fit your needs.

When considering using your home as a security instrumentto obtain a loan, it is important to consider the amountyou can afford monthly. Although loans can be used forvirtually anything, if you are going to use the money tomake large purchase, make sure you are buying somethingthat will outlast the life of the loan.

Remember, if you do not repay the loan as agreed, you maylose your home. While it may be smart to tap into equityfor home improvement projects that will increase yourproperty value, it may be foolish to put your home on theline for that dream vacation.

Frank Kelly is a freelance writer. Years ago he was anemployee who regularly used payday loans to get thro themonth. Then he disocvered the better alternative of a homeequity loan.

Discover useful advice and information about home equityloans. Website contains articles and advice about homeequity loans. http://www.homeequityloans-cheap.com/


MORE RESOURCES:

4 ways to get the best mortgage refinance rate
Bankrate.com
If you can shave at least one-half of 1 percentage point off your current mortgage rate, it can be worth your while to trade in your existing home loan for a new one. Here are some tips for getting the very best refinance rate.

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The News International

World Bank, NBP discuss strategies to boost housing finance
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He mentioned certain other challenges being faced by PMRC in starting its operations. Pakistan Mortgage Refinance Company along with World Bank is planning to sign a MOU in the near future with NBP along with other commercial banks to implement the ...
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NBC New York

Better Get Baquero: Bills Keep Coming After Leased Car Is Returned
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He started worrying about how it would affect his credit and his mortgage refinance -- so he turned to News 4's Better Get Baquero consumer investigative team. He wanted to know how the paperwork got lost and for GM Financial to correct the billing to ...

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Boost in collateral, not 'feeling richer,' drives consumers to borrow as home prices rise
Phys.Org
Kleven and his co-authors were able to find a natural experiment in the United Kingdom's mortgage refinance market from 2005 to 2015, a period that encompassed the Great Recession and the recovery that followed. In particular, Kleven said, most U.K. ...

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AmeriServ Financial Reports Earnings For The Third Quarter And First Nine Months Of 2017
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For the third quarter of 2017, the decrease was due to lower revenue from mortgage related fees ($63,000) and residential mortgage loan sales into the secondary market ($43,000) as a result of reduced residential mortgage refinance activity in the ...

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National Mortgage News

Rising rates reduce refi application share below 50%: MBA
National Mortgage News
The share of mortgage refinance applications dropped below 50% for the first time since the start of September, as interest rates rose to a six-week high. The refinance application share decreased to 49% from 50.1% the previous week, according to the ...

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11 Ways to Get the Lowest Mortgage Refinance Rate
NerdWallet (blog)
In the hunt for the lowest mortgage refinance rate, there are some things you can control and some you can't. Rates moving up just when you're about to refi? Can't control that. But there are at least 11 things you can do to get the best mortgage ...

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Kieber: What are your numbers? (column)
Summit Daily News
That is how we are being tracked and the same is true when applying for a home mortgage refinance or a new home mortgage. When it comes time to start the process to obtain a new mortgage there are three numbers that I look at first: your credit score ...



Rising Home Values Can Boost Your Mortgage Refinance
Huffington Post
Rising mortgage rates are cutting the flow of mortgage refinances to a trickle. By now, many people who could have benefited from a lower rate have done so. However, if you're thinking about refinancing but are hesitating because of interest rates ...

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Christian Science Monitor

11 tips to get the lowest mortgage refinance rate
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The best way to earn the lowest rate on a mortgage refinance is to knock out the dents in your credit score and polish it up. Some steps can be as simple as making timely payments on your existing debt and perhaps paying down some balances. Other moves ...

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