Home Equity Loan Information - What Is A Home Equity Line Of Credit?Written by Carrie Reeder
Did you know that if you have a home that you’ve been paying on for years, you may have a lot of usable money right under your nose? What’s more, a home equity loan just may be perfect way to get your hands on that money!Here’s how it works. Let’s imagine that your home mortgage is for $250,000, but after years of paying on that note, you only owe mortgage company $100,000. In this instance, you would have $150,000 in equity in your home. A home equity loan is a specific type of loan that will allow you to borrow against that equity. Why would you want to do this? The number one reason that people take out home equity loans is as a means to consolidate their debt. Because a home equity loan is a secured loan, interest rates are considerably lower than that of credit credits or personal loans. And so if a person had $10,000 in credit card debt, they could reduce total amount of owed—as well as their monthly payments—by taking out a home equity loan and using cash to pay off their credit card debt. Another great reason for taking out a home equity loan is to make improvements on your home. Have you been thinking about adding a swimming pool to your backyard? A greenhouse to your yard? A new bedroom or bathroom addition? A home equity loan is a great way to finance those types of projects.
| | Refinance After BankruptcyWritten by Carrie Reeder
Refinancing your mortgage after bankruptcy is actually same as replacing it with an entirely new mortgage. The most common reason for refinancing your mortgage after bankruptcy is to get a lower interest rate and save money over length of your mortgage. It is possible for you to lower your payments and save money each month and there has never been a better time to refinance. Mortgage lenders will consider refinancing your mortgage after bankruptcy because risks involved in refinancing an existing mortgage are extremely low. You can receive quotes from multiple lenders who are competing for your business, even if you have filed bankruptcy in past. A quick online application will put you in touch with lenders who are experts in refinancing mortgages after bankruptcy. You can be pre-qualified in just minutes and application is quick and easy. Refinancing your home, even after bankruptcy, can lower your payments and even give you extra cash for that well-deserved vacation, to consolidate bills, or to fund your child's college education. If you thought refinancing your mortgage after bankruptcy was impossible, you will be pleased to learn that you can refinance and dramatically lower your monthly payments with one short online application. Lenders who are anxious to help you find best refinancing package available for your special circumstances will contact you within as little as 24 hours after receipt of your application. A bankruptcy does not have to mean you are stuck with a high interest rate and less than desirable mortgage terms. Mortgage lenders have hundreds of loan programs that will help you meet your financial goals.
|
