Online Home Equity Loans Article
Home equity loans and lines of credit are useful tools for homeowners. They allow the homeowner to borrow against the value of his or her home for all kinds of purposes – home improvement, debt consolidation, vacations, and more. The loans, backed by the value of the house itself, come with attractive interest rates and the added bonus of tax deductible interest. That interest, however, is often variable, adjusting up and down with changes in market conditions. At the moment, conditions are such that interest rates for adjustable rate loans are increasing while rates for fixed-rate loans are still fairly stable. This is probably a good time for homeowners with variable rate equity loans to consider consolidating their primary mortgage and home equity loan into a single entity.
The ideal candidate for such a consolidation would be a homeowner who has a variable rate home equity loan, rather than a line of credit or an equity loan at a fixed rate. A line of credit is sort of a revolving loan, with an amount that may be drawn, as needed, time and again, much like a credit card loan. A home equity loan would represent a fixed amount of money borrowed for a specific length of time. To consolidate a home equity loan and a primary mortgage, the home would have to be refinanced with a new mortgage issued for the combined amounts of both loans. There are costs associated with this, so homeowners should consider the following:
Refinancing costs – It may cost several thousand dollars to combine two loans into one. A home appraisal will be required, along with paperwork fees, filing fees, and possible points paid at closing. A homeowner should make sure that he or she will remain in the home long enough to offset the additional costs of refinancing, otherwise the savings of consolidation are lost.
Interest rate on the primary mortgage – If you have financed or refinanced your home during the last three years, your primary mortgage rate may already be lower than the rate you could get today. You don’t want to raise your overall interest rate just to consolidate the smaller amount of money from a home equity loan.
The amount of money owed on the home equity loan – The larger the amount of money owed on the equity loan, the greater the benefit of consolidation. You wouldn’t want to refinance your home over an equity loan balance of $1000, but you might want to do so if the balance is $50,000.
Market conditions change regularly, but now is a good time for anyone with a variable rate home equity loan with a considerable balance to consider consolidating the equity loan and the primary mortgage into a single loan. If you aren’t sure if you can benefit from this, you may wish to consult with your lender.
About the Author©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including HomeEquityHelp.com, a site devoted to information regarding mortgages and home equity loans .
|
Insurance Settlement News
Helpful Online Home Equity Loans Links
Home Equity Loans, Home Loans, Mortgage Refinancing : LendingExpo Mortgage Loans Quotes
Lending Expo network of lenders offering Home Equity Loans, Home Loans, Refinancing and Refinance Rates. ... You can also instantly estimate your monthly home loan payments online using our free calculators...
Online home equity loans
Hints and resources for evaluating and comparing online home equity loans. ... Home Equity Loans Online. Contact Us ... tax deductible). Some common uses of home equity loans include home improvement, education costs, automobiles and to ...
Mortgages, Home Equity, Refinance & Auto Loans | LendingTree.com
LendingTree - When banks compete, you win. Fill out one simple form and get banks and realtors competing for your business. Whether you're looking for a loan, a realtor, or a new home, we can help.
Bank One - online banking, home equity & mortgage loans, checking accounts, loan calculators
Bank holding company offering online banking with home equity loans, low interest credit cards, home mortgage loans, internet banking, loan calculators, checking accounts, debt reduction and cash management. ... Bank One OnlineCardMemberServicesJPMorgan FundsCollegeChoice ... Cards Home Equity & Mortgages Credit Cards Loans Savings Investments Insurance Certificates of Deposit Online Services ...
Home Equity Loans - Online Home Equity Loan Specialists - Refinancing Programs
Provides home equity loans, home equity line of credit loan, and refinancing for all types of homes. Home equity loans can be obtained by applying through the online home equity loan application. ... for all of your Home Equity Loans, Home Equity Line of Credit, or Home Equity Loan Refinancing needs ... dedicated to making getting online home equity loans quick, simple, and as ...
Home Loans and Refinancing from Quicken Loans - Apply Online and Close Fast
Home Loans - Get information, check rates, and learn about refinancing your current home loan. Compare mortgage options, apply online, get pre approved, and close fast with Quicken Loans.
Wells Fargo Home Page
Start here to bank and pay bills online. Wells Fargo provides personal banking, investing services, small business, and commercial banking. ... Loans. Home Equity Loans. Home Mortgage. Student Loans. Personal Loans ... Mortgage, Home Equity, Credit Card, Personal Loans and more. Open an Account Online ...
Home Equity, Refinance & Purchase Loans at HomeLoanCenter.com
Home loans for all credit profiles. Check rates & get a free personal quote. Close your loan in as few as 10 days. Our goal is to find a home loan that's perfect for you.
Home Loans - Home Equity Loans from Ditech
... Home Loans - Home Equity Loans. Home Equity Loans. Home Loans: ditech.com is known as being a leader in the direct home equity loans industry. If you are looking for home ...
Home Equity Loan, Refinancing, New Home Purchase - LowerMyBills.com
Get a home equity loan or refinance with a lender you can trust! Use our easy mortgage calculator, compare low home equity rates, and get the loan that's right for you.
Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages
Nations largest independent loan lender. Real estate mortgages. Pre-qualify for maximum mortgage home equity loans. Current interest rates online. Countrywide. ... Refinance Your Home. Use Your Home Equity. Less Than Perfect Credit. Loans en Español ... Take advantage of everything Countrywide has to offer ONLINE! log in ...
Low Rate Mortgage, Refinance, Home Equity & Auto Loans - ELOAN
Refinance home loan or get first & second mortgages. Bad credit OK. Compare E-Loan rates on 125 % home equity loans & line of credit. New & used cars financing available. No lender fees.
|
|
