Friday, August 11, 2006

Home Equity Loans

HOME EQUITY LOANS REFINANCING is a great way to make your monthly payment lower and get cash back through the equity established in your home.
This makes your debt more manageable and frees up resources towards the purchase of a car, home improvements, or outright cash. Contact up to four lenders about home equity loans refinancing by completing our online application.
You may be new to home equity loans refinancing. That's why LendingExpo's network of qualified lenders is available to answer any questions you may have - easy or difficult. Connect with these lenders by filling out a simple online application. It's free and easy.

Home equity loans refinancing is a way of restructuring what you owe to a lower monthly payment. The best time to refinance is when morgage rates are low. To calculate loan payment please use this free morgage calculator
Why choose home equity loans refinancing? Today's rates are not just low, they are the lowest they have been in 30 years. Apply today to get the lowest interest rates home equity loans refinancing.

Home Equity Loans Explained

Prior to 1995, most lending institutions set a maximum credit of around 80% Loan to Value (LTV). Today banks offer credit lins well over 90%. As an example, assume you own a home that has been appraised at $150,000, and you owe $75,000 on your mortgage . At 80% LTV your credit limit is $45,000. ($150,000 * .8 = $120,000 - $75,000.)

Home Equity Loans typically have variable interest rates a few percentage points above the prime rate. This rate is almost always less than what you would pay on credit card debt or a morgage loan. Typically less than 10% and certainly no where near as high as 15%. In combination with tax savings, home equity loans are a bargain method of borrowing money. If your home equity loan calculator is given a fixed rate, you have the opportunity to contact be contacted by a mortgage broker to discuss refinancing to a lower rate - Simply fill out our online application to be put in touch with a lender in your area.

Common Questions:

1 How much equity do I need in my home to qualify?
Home Equity Loans are possible regardless of acquired equity, however more equity will almost always garner lower interest rates from your lender. Also make calculations with a mortgage calculator.

2 Can I take out a home equity loan to finance home improvement?
This is an extremely common practice. Depending on how the money is used you may even be able to deduct some of the interest expenses from your taxes.

3 What is a home equity line of credit?
A home equity line of credit differs from a home equity loan in that money can be taken out as needed. If you are financing the construction of a new home, this is often a convenient option to handle expenses as they occur without repeating the loan approval process numerous times.