Home Equity Loans

["Equity & Mortgage" <kgweenie@xxxxxxxxx>]

Site : Home Equity Loans, Mortgages & Refinancing Options
URL : http://homeequityloans-mortgages.blogspot.com

A home equity loan, also known as a second mortgage, allows homeowners
to borrow money from their home's available equity.

Home equity loans are commonly used for debt consolidation,
educational expenses, unplanned emergencies, vehicle purchases, home
improvements and other gifts and purchases.

Home Equity Benefits

Home equity loans are a popular financing option for homeowners who
need additional cash. These loans usually offer a lower interest rate
than credit cards. In addition, the interest you pay may be tax
deductible (consult a tax advisor).

Fixed Equity Loan vs. Line of Credit

The two most popular types of home equity loans are a home equity line
of credit (HELOC) and a home equity fixed loan.

A HELOC offers you a revolving credit line with a variable rate, much
like a credit card. You draw only what you need, when you need it.
They normally have a lower monthly payment because your payments are
interest-only.

With a home equity fixed loan you receive the entire loan amount at
once. A home equity loan offers the stability of a fixed rate and
fixed payments over the life of the loan.

Compare Equity Loan Options and Save

If you do decide that a home equity loan is right for you, remember to
do your homework. There are a variety of loan options available so
it's important that you compare lenders and rates in order to find the
best deal.

For more information, tips and advice on equity loans, mortgages and
loan refinancing, do visit my blog :

Site : Home Equity Loans, Mortgages & Refinancing Options
URL : http://homeequityloans-mortgages.blogspot.com