Here are some of the most common questions about home equity & bad credit so you can decide whether one of these loans is right for you and your financial situation.Read More
You can get almost anything online these days, from a cheeseburger to a cheetah (statue). But those are both objects, which are significantly easier to ship out than something intangible like a mortgage. Is it possible, in this modern age, to get a home equity loan online?
The answer, it would seem, is yes -- with some caveats.Read More
One of the benefits of owning a home is that as you pay your mortgage down, you begin to build equity. Equity is that tidy little sum that your home holds in trust for you, like a big wooden piggy bank, catching both paid-down principal and value from increasing real estate market values and inflation.
Instead of smashing through the pantry door to access it, though, you simply need to contact a banker about a home equity loan.Read More
Home equity loans, which are sometimes known as second mortgages, allow homeowners to take out a loan against the equity in their home. Home equity loans are divided into two types. The first is a home equity loan, which is a traditional, fixed rate loan. The other is a home equity line of credit (HELOC). Since one of our other FAQs addresses the details about HELOCs, in this one, we’ll stick to talking about regular home equity loans.Read More
Home equity loans (HELs) and home equity lines of credit (HELOCs) are both ways that you can use the value in your home to pay bills, medical expenses, or to finance home improvements and renovations. While home equity loans provide a large, lump-sum payment usually in the form of a check, a HELOC simply provides access to credit based on the equity in your home. As a revolving line of credit, a HELOC functions more closely to a credit card than a traditional mortgage -- and many HELOCs actually come with one.Read More
In basic terms, home equity is the amount of financial value that a homeowner has built up in their home. To discover how much home equity you have, take your property’s market value and subtract your outstanding loan balance. As you pay off your mortgage (or your home’s value increases), the amount of home equity you have increases.Read More
A home equity loan (HEL) uses the part of the home that you own as security for a loan. For example, if your home is valued at $300,000 and you have a $200,000 mortgage outstanding, then you can use the $100,000 ($300,000 --$200,000) as collateral for a loan. Home equity loans are also known as equity loans and second mortgage loans.Read More
The terms of a home equity loan (HEL) are usually akin to a simple fixed-interest loan.Read More
The interest on both HELs and HELOCs are lower than credit card rates as they are secured by your home, which makes them an attractive source of funds. The main differences between the home equity loans and home equity lines of credit are:Read More
A home equity loan is a second mortgage. It uses the equity in your home as security for a loan. The low-interest rate and substantial loan amount make it an attractive source of funding for various needs. To qualify for a home equity loan generally requires you to have the following:Read More
Home equity loans are more reliant on your home equity as security rather than on your credit score. So if you have equity in your home and bad credit you may still qualify for a home equity loan.You can get home equity loans from a vast number of lenders in the market.Read More
There are several ways you can access your home equity such as selling your home, doing a cash out refinance, taking out a home equity loan, or opening a home equity line of credit. Turn the equity in your home into a source of cash to use as you see fit.Read More
Whenever a large expense comes up, home equity loans are a very tempting source of funds. You can pretty much use a home equity loan for whatever you like, which is what can make it perilous for people with no control over their spending habits.Read More