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Information on mortgages, home equity loans, and consumer credit to help you use the power of financing to your advantage.
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• Apply now for a home loan!
• Home Equity Loan or Home Equity Line of Credit – Which is right for you?
The most common type of home equity loan is the term loan. This loan is set for a fixed amount of time, anywhere from five to fifteen years. Such loans are typically granted for up to 80% of the value of the home, but some lenders will lend up to 125% of the home’s value.
• Home Equity Loans Company – 7 Key Questions to Help You Choose One.
Choosing the right home equity loan can be tricky; you have to consider interest rates and repayment schedules, among others. Choosing the right lender, however, does not have to be a difficult task. If you ask the right questions, you can pick the best lender for your needs. The following is a list of seven essential questions that you should ask any potential lender.
• Home Equity – Is it Time to Cash Out and Move? During the last five years, home prices have increased nationwide. In some parts of the country, notably California, home prices have doubled or even tripled. The median price of a home in the Los Angeles area is now nearly $450,000 and in the San Francisco area, the price is approaching $600,000. As the economy continues to improve, the price of housing continues to rise in California and elsewhere. Many people who have owned their homes for more than three years are suddenly finding themselves with hundreds of thousands of dollars in equity. Of course, equity is only a theoretical gain, and if the price of housing goes down, equity can go away. You only get to keep your equity as cash if you sell your home. Many homeowners are doing just that.
• Online Home Equity Loans: A Basic Glossary.
Home equity loans can be a great idea for individuals looking to get out of debt or make necessary repairs on their homes. During the process, you will come across a variety of terms and acronyms. We have gathered together some of the basic terms that you come across during your home equity loan. If you have any questions about any of these terms, make sure to consult with your mortgage lender.
• Home Equity ABCs. Home equity financing is most often used for fixing up the house, putting the kids through college, buying a car or consolidating debts.
• Shopping for a Home Equity Loan? If you decide that the timing’s right for a home equity loan, ask your friends or family for recommendations of lenders. Then, comparison shop. Comparing loan plans will help you get a better deal.
• Need a Loan? Think Twice About Using Your Home as Collateral. If you need money to pay bills or make home improvements, and think the answer is in refinancing, a second mortgage, or a home equity loan, consider your options carefully.
• The home as a bank.
Rather than borrowing from a regular bank, homeowners - and two-thirds of them own the house they live in - have been borrowing on their home equity to finance cars, vacations and retail purchases.
• Some home improvements pay off more than others. The arrival of spring signals to many homeowners that it's time to start redecorating and remodeling. Experts caution, however, that not all home improvements are good investments.
• House-rich' elders can get help with cash flow from reverse mortgages. Many of America's elderly find themselves to be house-rich, but cash-poor. They make it day to day on Social Security _ and, perhaps, some pension money and a little savings. But most of their wealth is tied up in their home. How can they unlock that money?
• Pros and cons of home equity loan, line of credit. Home equity loans and home equity lines of credit are both second mortgages, secured by a lien on your house. But they work a bit differently. A home equity loan gives you a one-time amount, generally $10,000 or more. The loan carries a fixed rate of interest _ currently averaging about 8.85 percent nationally _ and requires a set monthly payment over its 5- to 10-year life.
• Older homeowners, buffeted by low interest rates and stock drop, turn to reverse mortgages for retirement funds. When Koula Chumley and her husband paid $25,000 for a four- bedroom split-level 35 years ago, it was an investment in family. But Chumley's children have families of their own now, she's widowed and is counting on that same house _ worth much more _ to ease life in retirement.
• Why do we discourage saving? There is irony of a monumental sort in government proposing to help Americans save for their retirement. If only government would let them, Americans might do it themselves.
Loan Calculator
• ARM vs. Fixed Rate Mortgage. Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.
• Mortgage Loan Calculator. Use this calculator to determine your monthly payment and amortization schedule.
• Mortgage Qualifier. Can you buy your dream home? Find out just how much you can afford!.
• Amortizing Loan Calculator Enter your desired payment - and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment!
• Loan Prequalification Calculator. Use this calculator as your first step in determining your ability to qualify for a loan.
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