Friday, July 14, 2006

Home Equity Loans

Home Equity Loans

The difference between your home’s current market value and how much you owe on it is called equity.

For example, if your home’s current market value is $200,000 and your outstanding mortgage balance is $150,000, you have $50,000 of home equity. The only way to access this credit is to extract the value out of your property by either selling your home or by refinancing your mortgage.

A home-equity loan, or a home-equity line of credit (HELOC), is a convenient tool for homeowners who need access to a sizable amount of cash. Loans can be taken out in any amount within the HELOC limit which makes it possible to get just the amount of credit needed without having to liquidate the entire equity value.

Another benefit offered with second mortgages is the flexible loan programs. As with purchasing mortgages, you can choose from fixed or adjustable rate mortgages. You can receive your money in one lump some or you can establish a secured line of credit. It’s your money and it’s completely up to you.

Many homeowners are taking advantage of today’s all-time-low interest rates and cashing in on the equity value they have earned through their home equity loan programs. A home equity loan can make it possible for you to pay off expensive medical or credit card bills, invest some money into improving your home, or take that family vacation you’ve been dreaming about.

It is easy to see why a home equity loan just may be the solution to your financial needs.

Visit this link for Home Equity Loans
Visit this link for Bad Credit Mortgages


Post a Comment

<< Home