Mortgage & Refinancing Information

Luxury Real Estate Information


Rancho Palos Verdes, California Homes
Palos Verdes, California Homes
South Bay, California Homes
Luxury Mexican Beachfront Homes

Featured Properties


Oceanfront Estate Near Trump National

Related Information


Loan Information
Real Estate Information
Mortgage Refinance Information

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.


MORE RESOURCES:
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news


National Mortgage News

Mortgage refinance applications decline to 18-year low: MBA
National Mortgage News
Mortgage applications decreased 1.8% from one week earlier as refinance submissions fell to their lowest in nearly 18 years, according to the Mortgage Bankers Association. The MBA's Weekly Mortgage Applications Survey for the week ending Sept. 7 found ...
Can't Get an Adjustable Rate Mortgage Refinance – ARM Loan Advice for Struggling DebtorsCryptoRecorder

all 20 news articles »


The Mortgage Reports (blog)

Mortgage refinance checklist: what you need to refinance your home
The Mortgage Reports (blog)
Preparation is vital prior to applying for a mortgage refinance. You have to do the math and figure out if it makes financial sense. Plus, you need to learn the facts and shop around. Getting your paperwork in order is crucial, too. Tackling these and ...



ABC News

Mortgage refinance rejection spike exposes number of Australians in debt distress
ABC News
It's being described as a "mortgage mirage". It's an offer from the bank that looks too good to be true and, as it turns out, for many it is. Key points: Surge in refinance applications down to banking reform and the royal commission; It means ...



New Data Outlines Consumer Attitude Shift for the Purpose of Mortgage Refinance Loan from Rate Reduction to ...
Digital Journal
Sep. 20, 2018 / PRZen / BELLEAIR BEACH, Fla. -- Despite increasing rates, consumers remain interested in refinance mortgage loans, but now with a new purpose: pulling out cash from home equity. The Q2 2018 Mortgage Consumer Profile Report, which is ...

and more »


The New Daily

Spike in mortgage refinance rejections
The New Daily
It's being described as a “mortgage mirage”. It's an offer from the bank that looks too good to be true and, as it turns out, for many it is. “About 40 per cent of people who tried to refinance were unable to do so,” Digital Finance Analytics principal ...



Bankrate.com

How to refinance your mortgage
Bankrate.com
When considering a mortgage refinance, focus on lowering your monthly payments or interest rate without tacking on more years to repayment, if possible. Check your credit score and history. The higher your credit score, the better refinance rates ...



Equifax: First Mortgage Originations Continue Steady Rise, Reaching over $680 Billion in Total Balance
Virginian-Pilot
ATLANTA, Sept. 18, 2018 /PRNewswire/ -- First mortgage originations have continued to show a slight but steady increase, with more than 2.77 million first mortgages originated year-to-date through May 2018, reflecting a total dollar amount of $689.8 ...

and more »


The MReport

First Mortgages on the Rise
The MReport
Home sales continue to disappoint, due to tight inventories and increased construction costs, but mortgage refinance has been slightly stronger than expected." According to the report, home equity loan originations was up by over 7 percent, but the ...

and more »


The Mortgage Reports (blog)

Should you leave your 3% rate behind to do a cash-out refinance?
The Mortgage Reports (blog)
Rates: Although today's mortgage refinance rates could be higher than your existing mortgage rate, they still are historically low. Additionally, they are often lower than HELOC rates, which could run one to two percent higher. Timing: A cash-out ...



The Mortgage Reports (blog)

How should I apply for a mortgage refinance: in person, by phone or online?
The Mortgage Reports (blog)
If Artificial Intelligence (AI) becomes a bit more intelligent, there may be no reason not to apply for a mortgage refinance online. Truly intelligent AI will offer the speed and convenience of today's online applications with the personal service that ...

and more »

Google News

home | site map
© 2006 TIGER MEDIA