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Mortgage & Refinancing Information |
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Home Equity Loans 101
A secured home loan differs from an unsecured loan in thatthe secured loan borrows against one's home as collateral,thereby reducing the risk to the lender. As such, secured home loans often offer better interestrates than unsecured loans, but offer higher risk to theborrower, as defaulting on these loans can have greaterconsequences, such as fines, or even possible repossessionof the home originally put up as the secured collateral(subject to the amount of the loan, of course). As the interest rates for secured home loans are usuallysignificantly lower than unsecured loans, more of themonthly payment goes towards paying off the capital, ratherthan paying the accrued interest. The monthly payments are often more flexible in securedloans, affording the borrower more leeway in working out apayment plan that fits his or her needs. However, caremust be taken not to use this as justification for takingout such a loan, as it is a financial contract betweenlender and borrower. There can be a number of reasons for taking out a securedloan, such as debt consolidation of high-interest loans,financing for remodeling, or repayment of college or carloans. Most lenders offering these types of loansrecommend loan repayment insurance, to guard against aninability to pay on the loan for a time due to factors suchas illness, losing a job or other unexpected occurrences. Before taking on a substantial loan such as a secured homeloan, a careful analysis of personal finances is in order. Having a friend or an accountant or finance officer assistin this process can save trouble and headaches later, asthey may bring up issues and/or expenditures unthought-of,issues such as examining how much is spent on morningmochas at a favorite coffee shop? An outside perspectivecan often help clarify these matters so a better-informeddecision can be made. If proper planning and care is taken, a secured home loancan be a valuable tool for managing personal debt. Talkingto a loan officer or financial advisor at a major lendinginstitution can help make these possibilities a reality,and can be a step towards the realization of financialfreedom. 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:
Top 5 mortgage refinance questions answered Fox Business How a mortgage refinance affects your net worth Fox Business Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now Fox Business 3 Mortgage Refinance Strategies to Consider in 2021 The Motley Fool What is a mortgage prepayment penalty fee, and how does it work? Business Insider Weekly Mortgage News Roundup for Jan. 22, 2021 Motley Fool What is a second mortgage, and should you get one? Business Insider 5/1 adjustable-rate mortgage falls to new record low Bankrate.com 2.74 Million Homeowners Are Still in Forbearance: What You Need to Know About Exiting It Motley Fool Racked Up Holiday Debt? Refinancing Could Help You Pay It Off The Motley Fool 8 ways to pay for a home office setup Bankrate.com 3 Options for Financing Home Improvements in 2021 The Motley Fool Mortgage refinance: Everything you need to know Fox Business How to decide if you should refinance your mortgage Fox Business How to refinance your mortgage Fox Business Who's exempt from the new mortgage refinance fee? Fox Business How do I get the most out of my mortgage refinance? Fox Business Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes How to refinance your mortgage in 5 easy steps Fox Business Today’s mortgage refinance rates hold steady for third consecutive day | December 11, 2020 Fox Business Today’s mortgage refinance rates mixed — one key rate drops while two hold steady | December 15, 2020 Fox Business 4 ways to get lower mortgage refinance rates Fox Business 10 things to know before refinancing your mortgage Fox Business Refinancing your mortgage? Don’t make this mistake Fox Business Today's mortgage refinance rates stay low with the election underway | November 3, 2020 Fox Business How often can you refinance your mortgage? Fox Business Complete Checklist of Mortgage Refinancing Requirements Credible News Today’s mortgage refinance rates climb upward — though one key rate holds steady | October 23, 2020 Fox Business The best mortgage refinance lenders of January 2021 Business Insider When should you refinance your mortgage? Fox Business How to refinance your mortgage without closing costs Fox Business Thinking of refinancing your mortgage? Do your homework before you jump in. The Philadelphia Inquirer 10 tips for getting the best mortgage refinance rates Business Insider Today's mortgage refinance rates hold steady at unprecedented lows | October 16, 2020 - Fox Business How to Refinance Your Home | Home Lending Chase News & Stories 5 reasons to refinance your mortgage right now HousingWire How to get a low-cost mortgage refinance Bankrate.com |
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