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Guide to Home Equity Loans

Guide to HOME EQUITY LOANS This guide to Home Equity Loars will help you determine if this type of loan is the perfect option for you. By using the equity in your home as collateral or ca Line of Credit, this may be the betterloan choice than taking out a second mortgage orrefinancing your existing loan. MONEY IN THE BANK For equity that is viewed as "money in the bank," banks tend to offer: OOD Reduced Interest Rates & Shorter Amount of Time %. Higher Loan Amounts Rераутеnt Plans Thirty Years can last as long as Banks will gladly offer: based on One-Time Installment Loan Certain Percentage of Your Home's Appraisal Value Minus the Remaining Outstanding Mortgage Balance Like a traditional mortgage, a portion of your monthly ins tallment payments will go towards principal and the rest toward interest. HIGHER PROPERTY APPRAISALS Barks have a much higher inclination to offer a loan with: than with Higher Appraisal Values Other Types of Non- Secured Loans This loan is considered far less risky for the loan of ficers because they can always foreclose on your home if you are unable to repay the loan. FORECLOSED! this results in: 1 & ↑ Increased Line of Credit for Buyer Extra Interest for the Bank from the Higher Loan Amount USES OF HOME EQUITY LOANS Investment and Business Opportunities Home Repairs, Renovations, & Additions College Tuition Debit or Credit Consolidation Automobile Purchases Vacations and Holidays Weddings Funerals Purchase of Other Real Estate, E Including Rental and Vacation Homes APPLICATION REQUIREMENTS Proper Documentation of Home Ownership Proper Documentation of Home Equity Proof of Employment A Maintain a Specific Debt to Income Ratio, Usually below 38% Contractor Quotes for Property Renovations Financial Statements for Debt Consolidation Once these guidelines have been One met, homeowners can often receive their money in as little as Business Week or Less LOWER INTEREST RATES In many cases, although not all, the homeowner wil receive: US /% メミ Traditional UnsecuredFinancing Better Interest Rates on Home Equity Loans Since the home equity is acting as collateral against the lump sum loan amount, the banks usually feel much more comfortable offering these lower rates. this results in: Saving You a Great Deal of Money over Time Typically Having a Fixed Interest Rate %24 GREAT CHOICE FOR BIG TICKET I TEMS Uking your home equity Line of Credit is a great choice of loan for those who need: Financial Capital Fast for a One-Time Big Purchase It is not usually recommended for more frivolous purchases of items that will instantly lose their value. or FOREC LOSEDA Have the Proper Means to Repay the Loan Risk Losing Your Home Forever WWW.SELLINGWARNERROBINS.COM COLDWELL BANKER O (478) 960-8055 (C) / (478) 953-8595 x227 (0) WWW.COLDWELLBANKERSSK.COM SSK, REALTORS ©Anita Clark Source: ))) O))) )) 0)) o の

Guide to Home Equity Loans

shared by anitaclark on Jul 31
This guide to Home Equity Loans will help you determine if this type of loan is the perfect option for you. By using the equity in your home as collateral or a Line of Credit, this may be the better ...


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