Home Equity Loans Spotlight by toriola1


									Presented by Daniel Toriola
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Home Equity Loans Spotlight By Joseph Kenny

Home equity loans are taken where the borrower uses the home as collateral. These loans may be useful for home repair, medical bills or even for education. Most home equity loans require good to excellent credit history. Home equity loans come in two forms, closed end and open end. Both of the above types are considered as second mortgages as they are secured against the value of the property just like any mortgages of traditional type. Home equity loans are usually (but not essentially) for a shorter term than first mortgages. In United States, Home equity loans interest can be deducted on one's personal income taxes. Closed end home equity loan The borrower will receive a lump sum on sanction but can't borrow further. The amount of money that can be borrowed are normally depends upon certain variables like appraisal value of the collateral, credit history of the borrower, income source of the borrower among others. Normally, the borrower can take up to 100% of the appraised value of the home less any liens, although there are lenders that may go above 100% when doing over-equity loans, but this is not recoomended. However, state law governs in this matter. Closed end home equity loans have fixed rates normally and generally amortized for periods up to 15 years. Some home equity loans offer reduced amortization and at the end of the term a balloon payment becomes due. These larger payments may be avoided by paying minimum payment or by refinancing the loan. Open end home equity loan Revolving credit loan of this nature is also referred to as a home equity credit loan where the borrower has the option to choose when and how often to borrow against the equity in the property and the lender setting a initial limit to the credit line on the basis of some criteria as mentioned above for closed end home equity loans.

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Presented by Daniel Toriola
Similar to closed end equity loans, it is possible to borrow up to 100% of the value of the home less any lien. These line of credit are normally available up to 30 years at a variable interest rate. The minimum monthly payment may be as low as only the due interest rate and the interest rate is based on the prime rate plus a margin. Home equity loan fees Following are the list of possible fees that may apply to home equity loan: Appraisal fees, originator fees, stamp duty, title fees, arrangement fees, closing fees, early pay-off, and other costs are added in loans. Surveyor and valuation fees may also apply to loans, but some may get waved. The survey and valuation costs can also be reduced provided the borrower provides his own licensed surveyor to inspect the property under consideration. Title charges in secondary mortgages or equity loans are fees for renewing the title information. The borrower should read and ask questions about the fees being charged to make himself sure about the fees since all these loans have some sort of fees tagged Joe Kenny writes for http://www.rebuild.org/mortgages.html and also visit today for some great home equity loans, http://www.rebuild.org/home-equity-loan.html

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Presented by Daniel Toriola
Equity Explained By James Mahony

The principle of equity loans is to provide revenue to homeowners to pay off high-interest debts. In other words, persons who take out equity loans agreed to utilize the sum of cash to pay off credit card interest, tuition, cars payments, and so forth. The moral of equity loan is to lower interest rates for the most part. While there are various types of equity loans available for the most part, each equity loan similar on the most basic level, since the loans will all use the equity of a home as collateral to secure the loan. Equity loans are beneficial for non-investors, while some equity loans are for investors, the majority is not. Investors often purchase bonds, stocks, and property in hopes to make profit, while homeowners often invest in equity loans in an effort to get out of debt, or else find a resource to payoff college fees, car loans, or to make improvements on the home. At times, homeowners improve their home for the money, but it is not in effort to make profit, but rather to build equity and increase the home’s value. Thus, few people are not aware that improving their home is building equity on the home, so they remodel for their own special needs. Owning a home is a big responsibility and the principle of owning the home is to provide security to the family. Thus, home equity loans should provide a source of security for the homeowner before considering the loans. If the equity loan is lacking security, it makes no sense to venture your home for a bit of cash. For more information about equity loans, it makes sense to go online, since more information is available. Look for equity loan companies and check out what rates they offer and what protection you have against repossession if you are unable to pay your loans off. James Mahony is the founder of http://www.equityloanhandbook.com - A site dedicated to Equity Loan Information Equity Loan Handbook http://www.thecreditsource.com http://www.articlesforwebsitecontent.com

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Presented by Daniel Toriola

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