Loans
Loans: A users guide to home equity loans, home equity lines of credit, home mortgage refinance, home purchase loans, debt consolidation loans and other loans.
Let us help you make the most of what you've got. There are many options available to homeowners to free up the equity in their homes. On the following pages you can learn the benefits of each.
Home Equity Lines of Credit: Sometimes called HELOC's, this is the second of two types of home equity debt. The other one is home equity loans (see above). Both are sometimes referred to as second mortgages because they are secured by your home, just like your first mortgage. A home equity line of credit works somewhat like a credit card because it has a revolving balance. You can borrow up to a certain amount over the life of the loan, withdrawing money as you need it and accumulating interest on the outstanding balance. Learn more...
Home Mortgage Refinance Loans: Refinancing your present mortgage may prove to be an even better way to accomplish your financial objectives, rather than either of the home equity solutions shown above, particularly if the interest rate on your present mortgage is 2 or more percentage points above the current rate. With a home mortgage refinance you might secure a lower mortgage rate, get a longer term, lower your monthly payments, and even walk away with cash for home improvements and/or debt consolidation. Learn more...Home Purchase Loans: When buying a home, you'll be way ahead if you shop around for your home mortgage instead of taking the first good deal that comes along. Rates, points, fees and terms can vary widely from one lending institution to another, so shopping, comparing and negotiating will save you many thousands of dollars. Fortunately it's not as difficult and/or time consuming as you might think to get started on this process. Learn more...
Debt Consolidation Loans: Home equity loans work very well for debt consolidation, home improvements, medical bills and big expenses like money for your children's' education. Unlike interest on other types of debt, such as auto loans and credit card debt, the interest on home equity loans is usually tax-deductible when used for its primary purpose. As with any of the other types of loan, you'll do best if you shop and compare the rates and terms from several lenders before you finalize your decision. Learn more...