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Benefits of Home Eqity Loans and Refinancing ...
Home equity is the value of a homeowner's
unencumbered interest in their property, that is to say the
difference between the home's fair market value and the unpaid
balance of the mortgage and any outstanding debt over the home.
Equity increases as the mortgage is paid or as the property value
increases over time. This is sometimes called real property value
Technically, home equity has a zero rate of return and is not
liquid. Home eqity management is the process of using a equity
extraction via loans, at favorable and often tax favored interest
rates, to invest otherwise idle value in higher yield (after tax),
liquid, safe, way to create an arbitrage. Arbitrage is in essence
borrowing money at one rate and earning a higher rate elsewhere.
Note that home eqity management actually reduces home equity, so
that safety and liquidity are essential to preserving nominal home
eqity. Thus the process excludes all equity extraction that is
actually spent or invested in non-liquid ways.
Advantages of mortgage
There are various advantages of using our mortgage calculator, some of
You can get answer to lots of mortgage queries and other financial
You can see how much you qualify for and determine your monthly
payments if qualified.
It allows you to discover the outcome of changes to your loan
balance, terms and interest rate.
It is easy to understand and operate.
It will create an amortization table, to find the payments to be
made in future on mortgage loans and the interest accrued thereon.
Mortgage Calculators Here
Home, Mortgage, Refinance Loans Quicken
Which home loan is best? Need to leverage your home eqity? Get the
refinancing answers you need here.
Refinance Home Loans and Mortgage Rates
Major Online Home Loan Lenders and Current Mortgage Refinance Rates
Best Refinance Mortgage Rate
Your Resource for the Best ...4 Tips to Get the Best Refinance Mortgage
Rate possible and more.
Mortgage Eqity Secrets Exposed
Learn how anyone, with any credit - can get a great mortgage fast, easy
Home Loans, Mortgage & Refinance Loans
Home Eqity Loans
Eqity Investing Strategies
Low Cost Refinance
100% free refinance quotes to get the most value for your home.
For Home Buyers, Home Sellers and Home Owners
Home Loans - Equity Loan Mortgages Countrywide Home Loans is
the nations largest independent mortgage lender offering home eqity,
HELOC, refinance, mortgages, debt consolidation
LendingTree Home Loans
Refinance Home Equity Mortgage Refinance at Lendingtree. An
online mortgage loan marketplace connecting you to a network of home
When Your Home Is on the Line:
If you are thinking about a home equity line of credit,
you might also want to consider a traditional second mortgage loan.
Read more from the Federal Reserve Board.
Citibank Home Equity Loan
Home Equity Loan and Home Equity Line of Credit info from Citibank.
Are you Looking for a home equity loan or a home equity line of
What is a Home Equity Loan?
A home equity loan (sometimes abbreviated HEL) is a type of loan
in which the borrower uses the equity in their home as collateral.
These loans are sometimes useful to help finance major home repairs,
medical bills or college education. A home equity loan creates a
lien against the borrower's house, and reduces actual home equity.
Home equity loans are most commonly second position liens (second
trust deed), although they can be held in first or, less commonly,
third position. Most home equity loans require good to excellent
credit history, and reasonable loan-to-value and combined
loan-to-value ratios. Home equity loans come in two types, closed
end and open end.
Both are usually referred to as second mortgages, because they are
secured against the value of the property, just like a traditional
mortgage. Home eqity loans and lines of credit are usually, but not
always, for a shorter term than first mortgages. In the United
States, it is sometimes possible to deduct home equity loan interest
on one's personal income taxes.
Closed end home equity loan
The borrower receives a lump sum at the time of the closing and
cannot borrow further. The maximum amount of money that can be borrowed
is determined by variables including credit history, income, and the
appraised value of the collateral, among others. It is common to be able
to borrow up to 100% of the appraised value of the home, less any liens,
although there are lenders that will go above 100% when doing
over-equity loans. However, state law governs in this area; for example,
Texas (which was, for many years, the only state to not allow home
equity loans) only allows borrowing up to 80% of equity.
Closed-end home equity loans generally have fixed rates and can be
amortized for periods usually up to 15 years. Some home equity loans
offer reduced amortization whereby at the end of the term, a balloon
payment is due. These larger lump-sum payments can be avoided by paying
above the minimum payment or refinancing the loan.
Open end home equity loan
This is a revolving credit loan, also referred to as a home equity
line of credit (HELOC), where the borrower can choose when and how often
to borrow against the equity in the property, with the lender setting an
initial limit to the credit line based on criteria similar to those used
for closed-end loans. Like the closed-end loan, it may be possible to
borrow up to 100% of the value of a home, less any liens. These lines of
credit are available up to 30 years, usually at a variable interest
rate. The minimum monthly payment can be as low as only the interest
that is due. Typically, the interest rate is based on the Prime
rate plus a margin.
Home Equity Loan Fees
Here is a brief list of possible fees that may apply to your home equity
loan: Appraisal fees, originator fees, title fees, stamp duties,
arrangement fees, closing fees, early pay-off and other costs are often
included in loans. Surveyor and conveyor or valuation fees may also
apply to loans, some may be waived. The survey or conveyor and valuation
costs can often be reduced, provided you find your own licensed surveyor
to inspect the property considered for purchase. The title charges in
secondary mortgages or equity loans are often fees for renewing the
title information. Most loans will have fees of some sort, so make sure
you read and ask several questions about the fees that are charged.
Home Values for Home Buyers, Home Sellers and Home Owners:
Track your most important asset by it's value. Useful for Refinancing
your mortgage. Satellite Imagery of your Home.