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Mortgage & Refinancing Information |
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Free Home Equity Loan Information
Home equity loan information can sometimes be confusing and misleading. I have written this article to properly explain home equity loans. Basically equity is the difference between your home's appraised -- or fair market value and the outstanding mortgage balance you owe on your home. Borrowing against the equity built up in a home has become extremely popular. If you're wondering why this has become popular it's due to the tax deductions and the low interest rates that are current in today's housing loan market. It's also because of the growth of equity in most people's homes. For instance if you buy a house for $100,000 with a down payment of $20,000 and have made payments of $10,000 towards the principal then you would have $30,000 in equity. But wait suppose your house has increased in worth to $120,000 in that case then you would have $50,000 in equity that you could use for a home equity loan. This equity is very valuable because you can use it without selling your home. Banks consider this equity to be secure since it is based on your house so they are more inclined to give you lower rates when loaning money against the equity. However, don't be mislead. The cost for these loans is higher then your actual mortgage rate but since many people use their home equity loan to pay off credit cards or make house improvements they end up paying less then if they had gotten a traditional loan. Best of all the interest on this type of loan is also tax deductible. When you add it all up you can actually save money in finance charges. Anyone using this type of loan must be careful though because if a person defaults or fails to make payments on this loan then the bank can forclose on your house which could prove to be a financial nightmare for the careless borrower. For this reason I recommend using caution when using a home equity loan. Timothy Gorman is a successful webmaster and publisher of Military-Loans-Online.com. He provides more free financial and home equity loan information that you can research in your pajamas on his website. Other websites operated by Tim Cellular-Phone-Solutions.com - Free information and resources regarding cell phones and cell phone plans. Best-Free-Insurance-Quotes.com - Offers discount auto, life and home insurance.
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Today's Mortgage, Refinance Rates: Sept. 19, 2021 | Rates Low Before Fed Reconvenes Business Insider 10-year mortgage refinance rates remain a steal — but for how much longer? | Sept. 13, 2021 Fox Business Today's average mortgage refinance rate holds below 2.4% for 15 days | Sept. 21, 2021 - Fox Business Savings window still open: Today's mortgage refinance rates hold firmly near record lows | Sept. 22, 2021 Fox Business Today's 10-year, 15-year mortgage refinance rates approach one month at near-record lows | August 24, 2021 Fox Business Today's Mortgage, Refinance Rates: Sept, 11, 2021 Business Insider Home equity loan vs. mortgage | Differences, pros and cons The Mortgage Reports Today's Mortgage and Refinance Rates: August 28, 2021 | Rates Quiver Business Insider Securing a mortgage increasingly difficult, MBA finds: These refinance options could make it easier FOX 32 Chicago Fannie Mae lowers 2021 economic outlook for second consecutive month, but raises 2022 forecast Fox Business Pandemic drives 82% increase in home repair activity, data shows: Here's how to finance yours Fox Business Best Los Angeles mortgage lenders in 2021 Bankrate.com Learn More About Mortgage Refinancing Credible News Today's mortgage refinance rates hold at historic lows for 3 out of 4 terms | August 23, 2021 Fox Business Today's mortgage refinance rates: Longer terms fluctuate, shorter terms hold firm | August 13, 2021 Fox Business Today's 30-year mortgage refinance rate holds below 3% for 25th straight day | August 9, 2021 Fox Business Today's mortgage refinance rates continue freefall for 30-year fixed, drop to 2.5% | April 22, 2021 Fox Business Today's mortgage refinance rates: two key rates climb while two hold steady | June 22, 2021 Fox Business Today's mortgage refinance rates: 30-year rates plunge below 3% for the first time in 34 days | April 16, 2021 Fox Business Survey finds 74% of homeowners haven't refinanced despite low mortgage rates Pittsburgh Post-Gazette Today's mortgage refinance rates — one key rate rises while others stick below 3% | April 12, 2021 Fox Business How to refinance a mortgage | Mortgage | Chase.com Chase News & Stories 15 of the best mortgage refinance companies for 2021 Fox Business Today's mortgage refinance rates all trend upward for first time since mid-March | June 30, 2021 Fox Business Today's mortgage refinance rates tie March high — though one key rate holds firm | March 29, 2021 Fox Business Pros and cons of a cash-out mortgage refinance Fox Business Best mortgage refinance lenders in 2021 Bankrate.com Today’s mortgage refinance rates: three key rates drop while 15-year rates hold firm | July 6, 2021 Fox Business 7 Steps for a Successful Mortgage Refinance Business Insider Today's mortgage refinance rates see little change as market holds steady | April 1, 2021 Fox Business It’s becoming ‘increasingly common.’ How to refinance your home, and spend $0 at closing to do it MarketWatch Mortgage Refinance Options & Types | Refinance | Chase.com Chase News & Stories |
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