| Home Equity Loan Services (loans)
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Home Equity Loan Services
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Adverse Credit Car Loans
To be a car owner is every man's dream but the limited funds seldom give you enough opportunity to finance a mean machine. It becomes more difficult if your credit records are not upto the mark and a car becomes a necessity. To tackle such frustrating situation and to release the pressure, you can make the best use of the option available in the form of adverse credit car loans.
You can... Read loans article
Adverse Credit Unsecured Personal Loans
For a tenant or non-homeowner, an unsecured loan is not a cake walk as lender sees them as a risk potential and on the top of it adverse credit of the borrower can make the lender even more apprehensive. Keeping the borrowers' problems in mind, now there are many lenders who provide adverse credit unsecured personal loans in comparatively smooth manner. The loan amount can be used for whatever pur... Read loans article
Home Equity Loan Services
In its simplest definition, home equity loan means using your house equity as collateral in order to borrow money. Collateral means your house will act as a guarantee. In the case if you cannot pay the loan or defaulted too long on payment, the lender has the right to sell the house to get back the loan.
The word equity simply means how much the house is worth minus the mortgage you currently owe.
There are two types of equity loan
1) Home Equity Loan
A home equity loan is a one off lump sum of money when you take up a loan. Usually, the loan period is between 5 to 30 years and the interest rates are fixed. The payment amount per month is fixed as well.
2) Home Equity Line Of Credit
A home equity line of credit allows you to borrow a fixed amount of money for the life of the loan. You do not need to take a lump sum loan at once since you can withdraw any amount of the loan when you need it. In a sense, it works like a credit card.
The interest rate for a home equity line of credit is variable and will rise and fall during the loan period. Payment per month depends on the total sum loaned, the interest rate and whether your credit is in the payment or draw period. During equity draw period, you can decide whether to pay the principal loan amount or the minimum payments to cover the interest.
For equity line of credit, the loan period is usually shorter than home equity loan. Usually, it is between 5 to 15 years. During this loan period, you will not be able to increase the loan or repay the balance left in the loan. Do note, there is usually a minimum amount whether you decide to withdraw some money from the loan.
As you see, an equity loan line of credit has greater flexibility compared to home equity loan. However in both cases, if you decide to sell the house before the loan is fully paid, you are required to pay the balance immediately.
Ricky Lim works in a finance company specialising in Home Equity Loans. Visit his site for countrywide home loans rates and free home loan calculator
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Refinance Home Loans
If you understand mortgage terminology and can talk the lingo your loan originator will be less likely to try and take advantage of you. It helps to know what you are talking about when shopping for a mortgage loan. Here is a collection of mortgage terms to help you on the right path when refinancing your home loan.
Discount Points: This is prepaid interest you will pay at closing in exchange for a lower interest rate. Be careful when paying points up front as this fee is often misrepresented and paid to the loan originator as a bonus without any benefit to you.
Origination Points: This is the fee you pay the loan originator for preparing your mortgage loan. A reasonable origination fee is 1-1.5% for a home you are living in.
Yield Spread Premium: This is the commission your loan originator or broker receives when they sell you an interest rate that is higher than you actually qualify. When shopping for a mortgage loan, make sure you receive quotes that do not include YSP.
Good Faith Estimate: Often referred to as the GFE, this document is required by Federal law and discloses all terms and fees associated with a loan. This is an estimate and is only as trustworthy as the broker or lender that creates it.
Junk Fees: This is any fee that violates RESPA. Examples of junk fees include broker "administration" fees, application fees, lock fees, and loan submission fees.
Third Party Fees: These are additional fees incurred when originating your mortgage. Examples include appraisals, loan underwriting, legal fees, and anything else included when closing on your mortgage. These fees are commonly overcharged to boost the profits of your loan originator.
Loan to Value Ratio (LTV): Your loan to value ratio is determined by dividing your loan amount by the value of your home. Loan to Value ratio is an important part of determining your interest rate.
You can learn more about refinancing your mortgage and avoiding common homeowner mistakes by registering for a free mortgage guidebook.
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