Home Equity Loans
What is a Home Equity Loan?
A home equity loan is a home loan that you can obtain
based on using the collateral paid in to your existing
mortgage. This type of loan can even be secured against
the equity earned from the appreciated value in your home.
The beauty of a Home Equity Loan is that it can be used
for a variety of purposes -many of which would not be
approved under a typical loan policy.
Uses of a Home Equity Loan
As your home appreciates in value, it may make sense
to use your new equity to get cash through a refinance
for a variety of purposes. You could:
- build an addition to your home (adding even more
- pay for college,
- invest in or start a new business,
- consolidate your high interest consumer debt,
- or simply take a much needed vacation.
Do you have balances on your credit cards that eat into
your spendable income every month? Why not refinance and
pay off all your credit cards? One mortgage payment that
is tax deductable will save you time and money.
Or, if you would rather not use your equity to pay off
high-interest credit card debt, find out about other Debt
Be sure to ask the following in order to decide
on the best refinance lender:
- What is the term of the home equity loan note?
- Is there a pre-payment penalty?
- What are the closing costs- recurring and non-recurring?
Ask what the difference is to be sure you're on the
- Do you require any money up-front? If not, then ask
how to get your deposit back if you are not approved.
You'll want this spelled out to avoid hassle later.
- How long is the rate good for?
- What is the maximum amount of money I can borrow based
on my home's value and my credit score?
You can get the answers to all your questions quickly,
securely, and professionally by using a refinance quotes
service that will scour the home equity lenders for the
If you feel you're ready to look at a home equity loan
or simply want to "test the waters", consider
getting a quote from LowerMyBills. From one, simple
and quick form you will receive the 4 best home equity
loan quotes from local and respected lenders.
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