All the information you need to make an educated decision
Home Equity Loan
By using your home as collateral, you can take out a loan against the equity you have built up in your house. This is called a home equity loan, not to be confused with a home equity line of credit (HELOC). A HELOC is a line of credit that is available to use as you need it, whereas a home equity loan is one lump sum that you pay back over time. Home equity loans may have lower interest rates. A fixed rate home equity loan may save you even more money.
Home equity loans may be used for any purpose, tend to have fixed rates, and can be tax deductible. When considering the use of your home and your equity as a debt solution, you should carefully consider all your options including a second mortgage, a home equity line of credit or mortgage refinancing.
There are risks to consider when applying for a fixed rate home equity loan. The interest rate of a home equity loan may be fixed at a lower rate than that of a home equity line of credit. However, the risk in taking out a fixed rate home equity loan is greater because you're taking out all of your home's equity all at once. Also, if you sell your home, the entire amount of your fixed rate home equity loan becomes due. If you've thought about other options, and a home equity loan is right for you, start the process with a home equity loan quote.
To start a home equity loan quote with DebtHelp.com, please follow the link below to our secure online loan form.
Rental Property Renfinancing Rates
Yes, although rental property refinancing can take longer and cost more than traditional home refinancing.
Is it possible to refinance a home that you are renting out?Yes, although rental property refinancing can take longer and cost more than traditional home refinancing.
What is the scam that leads borrowers to take small amounts of cash in frequent refinances?Loan flipping promises a monthly paycheck from your home's equity, but it can drain your wallet and even lead to foreclosure.
FHA Secure: Solution to an ARM Mortgage AdjustmentIf you have an ARM Mortgage that is causing you problems with outrageous adjustments and increased payments then the FHA Secure program may be a great mortgage program to use to refinance out of your existing loan.
Five Things You Should Know About Home Equity LoansFive things to know about home equity loans that will help you make decisions about a second mortgage
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