Home Equity Loans Can Provide Cash in a Hurry

Think About the Long Term. Estimate how long you expect to stay in your current house. Depending on the severity of your situation and the real estate market at the moment, you might even want to considering selling your home altogether and taking on a short term rental in your new locale. If you expect to stay in your current home for a few more years, the flexibility of a home equity loan may work for you.

How Much Cash Do You Need? A flexible home equity loan or line of credit may allow you to write checks for only the amount you need to get by. If you experienced a job loss, you can borrow against your equity in smaller chunks and repay your loan quickly once you get back on your feet. Opening a new loan with your local bank can also provide you with a critical source of cash that can help you make credit card payments on time, preserving your credit score.

Budget for Loan Expenses. Although a short-term home equity loan may carry a higher interest rate, you may be able to pay it back fairly quickly and avoid some of the long-term expenses it brings. Review your monthly budget to find a regular payment that you can live with. Experienced lenders can often customize home equity loans to fit just about any repayment scenario.

Watch for Hidden Penalties. Some unscrupulous lenders try to lock homeowners into loans that require stiff pre-payment penalties. Make sure your lender guarantees you that interest accrues only on the outstanding balance of your loan. Check your contract carefully to make sure that you can pay back the money you have borrowed on your own schedule.

Look for Bonus Perks. Many lenders are locked in heated competition for home equity loans. Along with the potential tax benefits that home loans provide, many banks and private companies have offered new customers added benefits. The days when banks gave away toasters are long past. Instead, some new loan accounts generate frequent flyer miles or access to free banking and investment services. Be sure to ask your prospective lender about any special bonuses that might break a tie with their competitors.

Kevin Adelsberg is a writer for FDLoans.com. For additional articles and an extensive resource for everything about loans, please visit us at http://www.FDLoans.com

---

Home Loan Applications Made Easy

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

Be Prepared when Seeking a Mortgage

When you're looking for a mortgage, whether it's a first... Read More

Mortgage Lead and Mortgage Leads

A mortgage lead is an exciting thing because you are... Read More

Home Loans: Where Do I Begin?

So you've finally decided you've had enough of paying rent... Read More

Biweekly Mortgage

The biweekly mortgage has been around for years but with... Read More

Revive Mortgage Tenure With Extend Loan Term Remortgage

You are comfortably wedged in a mortgage deal, paying the... Read More

Making Sense of Mortgage Speak

Applying for a home loan can be overwhelming. You will... Read More

Home Equity Loan Considerations

In other words, the benefit of the loan must outlast... Read More

Securing the Best International Mortgage for Your Home in Spain

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

Selecting the Right Mortgage for You

A mortgage is a loan you take out to buy... Read More

How to Use a Home Equity Line of Credit Calculator

Most home owners know that the lower the interest rate,... Read More

Look For a Great Mortgage Online

People who are looking for a mortgage today have many... Read More

A New Choice for Home Financing: Correspondent Lenders

When you begin your search for a new home loan,... Read More

Bad Credit Remortgage Loan: When Bad Credit Plays Mischief With Your Mortgage

Financial difficulties are married to bad credit. It is a... Read More

Home Equity Loans in Texas

A few notes of importance: This only applies to... Read More

How To Choose Your Mortgage Loan

Are you excited about purchasing your first home? Or maybe... Read More

Why a Mortgage Professional Beats a Banker Every Time -- The Story Tells It All

The best way to explain why a mortgage professional is... Read More

Looking for a Bad Credit Home Improvement Loan

To make needed repairs to your home without the advantage... Read More

What is a Tracker Mortgage?

A tracker mortgage 'tracks' the Bank of England base rate,... Read More

Mortgage: Rehabilitation Of Financial Helplessness

The term 'mortgage' is assumed really controversial by people when... Read More

Is the Inverse Mortgage a Scam? New Program Promises Mortgage Payoff inside of 5 Years

If a mortgage could be paid off in five years... Read More

Where To Find The Best Rates For Your Mortgage?

As with all of my articles this will be based... Read More

Fixed Rate Mortgage Loans - Understand the Pros and Cons of the Fixed Rate Mortgage

There are many benefits and drawbacks to consider when deciding... Read More

Council Right to Buy Mortgage ? Helping Everyone Have a Home of

"We will help every Council Tenant to become Home Owners"... Read More

Poor Credit? Get a Sub-Prime Mortgage Now, and Refinance to a Conventional Mortgage Later

There are great mortgage loans for people with poor credit,... Read More

Mortgage Information

A mortgage is borrowing money using property as a security,... Read More

Understanding Mortgage Basics

As common as mortgages are, there are a surprisingly large... Read More

Mortgage Advice To Make Mortgages A Really Smooth Ride

Mortgages are easy as long as you understand them well.... Read More

Mortgage Loans Explained In Plain English

With the many different kinds of mortgage loans out there,... Read More

6 Things to Consider Before Refinancing

Perhaps you're a homeowner in need of some quick cash.Maybe... Read More

Understanding a UK Commercial Mortgage

In many ways a commercial mortgage is just like a... Read More

Mortgage Terminology for the First Time Home Buyer

Buying a Home for the first time can be a... Read More

Guide to Home Equity Loans

Here is a useful guide to home equity loans. A... Read More