Home Equity Loans

Home equity loans are a popular way for homeowners to borrow money using the equity in their home as collateral. With this type of loan you can use the equity in your home to finance a multitude of things, from home improvements to large purchases and more. If you're considering a home equity loan you should gather information from several lenders to find the loan program that is the best fit for you.

What Is A Home Equity Loan?

A home equity loan is separate from your primary mortgage. It is an additional loan that provides you with a loan amount based on the equity you have built up in your home. It's usually easier to qualify for this type of loan than for a regular mortgage and the entire transaction can proceed very quickly from start to finish.

How Do I Know How Much I Can Borrow?

The amount of equity in your home is equal to the value of the home minus your outstanding mortgage debt. Most lenders will allow you to borrow some or all of this equity, depending on your personal circumstances. Some even offer special programs that will lend up to 125% of the total value of your home.

What Can I Do With The Money I Borrow?

Your home equity loan can be used for just about any purpose. Some of the more popular uses include buying a car, paying for a child's college education, and doing home improvements. The wise borrower who secures a home equity loan will be careful to ensure the additional debt is manageable within their overall financial situation. This is important because if you fall behind or default on a home equity loan you will put your home at risk.

Advantages And Disadvantages Of A Home Equity Loan

As with any loan, there are advantages and disadvantages to taking out a home equity loan. It is a relatively easy and low cost way to pay for a major purchase or home improvement project, and the loan interest may be tax deductible in some cases. Because a home equity loan is fairly easy to get, though, it also can be tempting to over-borrow and over-spend on things that may be considered luxuries. Remember, you are borrowing against your home so be sure you use the money wisely.

How Do I Find A Home Equity Loan?

You have many choices when it comes to finding home equity loans. There is no shortage of lenders who would like your business so it's important to shop around to make sure you find a deal that's right for you. A good place to start is with the lender who holds your primary mortgage, as they are likely to offered special rates and terms for existing customers. Also, your current lender will probably be able to process the loan more quickly since they already have records of your repayment history.

This article may be freely distributed providing no alterations are made to the text and the links remains intact.

Copyright © www.1st-mortgage-home-loans.com - All rights reserved.

For home loans & finance please visit us at http://www.1st-onlineloans.com

---

Bad Credit Loans Authenticate What Is Positive About Bad Credit

This might not be the front page news but it... Read More

Mortgage-Refinance Loan Measurment 101 -- Evaluate Your Own Ability to Pay

We live in a society where people are losing their... Read More

Types of Home Equity Loans

There are at least two types of home equity loans.The... Read More

Home Mortgage Refinancing ? What?s in Your Contract?

Are you one of the millions of Americans who will... Read More

Understanding Fixed-rate Mortgages

A fixed-rate mortgage is a mortgage on which the interest... Read More

Mortgage Refinancing - Does Size Matter After All?

Hopefully your ego has never had to experience the words,... Read More

Home Loan Applications Made Easy

You have finally found the home of your dreams. You... Read More

Bad Credit Mortgage Loans - Are You Killing Your Chances of Getting Approved?

When you have poor credit, your list of lenders that... Read More

Your Mortgage Rate Compare and Save

When trying to obtain the best mortgage rate compare offers... Read More

Bankers Dont Want You to Know That You Pay for Your No Cost Home Loan Forever

With mortgage rates continuing on a downward trend, the competition... Read More

A Guide to Quick Homeowner Loans

The search for quick homeowner loans can seem futile at... Read More

Remortgage To Release Equity By Improving Interest Rate

You have been paying on your mortgage for quite sometime... Read More

Poor Credit Mortgage Reigns High Among Mortgages Available to Bad Credit Borrowers

Like a big brother keeping notes of the erring behaviour... Read More

Home Mortgages: Does a No-closing-cost Loan Make Sense for You?

I have heard a number of radio ads and have... Read More

Foreclosure Scams To Be Aware Of

Homeowners facing foreclosure should be aware of unscrupulous lenders and... Read More

Buying a Home when Rates go Up

Many people fret the rising tide of interest rates. You'll... Read More

Zero Down Mortgage Loans - Is 100% Financing a Good Idea and Can You Get Approved?

Are you wondering if you can get approved for a... Read More

High Risk Home Mortgage Lenders Online

Online high risk home mortgage lenders specialize in offering loans... Read More

Kingsland Saint Marys & Kings Bay Real Estate - VA Mortgage Information For Home Buyers

A VA guaranteed mortgage is the usually the best way... Read More

Securing the Best International Mortgage for Your Home in Spain

Are you one of a growing number of people planning... Read More

Reverse Mortgages ? a Reversal of the Mortgage Process

Mortgages have assumed a number of characters from the time... Read More

Tips On New York Mortgage Refinance Loan

Many homeowners want to know if it worth taking a... Read More

Understanding Mortgage Points

When a mortgage broker asks a borrower to pay points,... Read More

Refinance After Bankruptcy

Refinancing your mortgage after bankruptcy is actually the same as... Read More

Adjustable Rate Mortgages - Understand the Benefits Compared to a Fixed Rate Mortgage

Adjustable rate mortgages can be very tempting to home buyers,... Read More

Reverse Mortgages Learn The Facts First!

Reverse Mortgages, Most Common Features:Many offer special appeal to older... Read More

First Time Buyer Mortgages ? Transforming Homeless into Property Owners

Having just settled in life, you are finding the rentals... Read More

Why Its Important to Get Pre-Approved

Having a pre-approved mortgage will give you the confidence of... Read More

Mortgage after Bankruptcy - Bankruptcy Discharged Yesterday? Purchase a Home Today!

So you have been through a bankruptcy and surely have... Read More

Mortgage-Refinance Treachery: Avoid Mortgage Bankers and Brokers Biggest Trick -- The Sales Pitch

What the average homeowner or home buyer fails to realize... Read More

Little Known Secret: Eliminate your Mortgage in 23 years or less!

Wanna know a little secret? There is an ingenious method... Read More

Why Choose a Home Owner Loan?

Most people choose a home owner loan as it can... Read More

First-time House Buyers: to Buy or Not to Buy; that is the Question

Buying your first house is always a difficult time. There... Read More