A home equity loan is simply a loan in which your home serves as collateral. It is sometimes used interchangeably with a home equity line of credit (HELOC), but the two are very different instruments. A home equity loan provides you money in a lump some payment, with an established interest rate and payback deadline. Read more…
If you want to access the equity you’ve built up in your house but aren’t sure how to do so, you’ll want to read up on the ins and outs of home equity lines of credit (otherwise known as HELOCs). What is a HELOC? A home equity line of credit is a way to borrow Read more…
A home equity line is a type of revolving credit wherein the borrower is allowed to withdraw the approved amount in bits and pieces. Home equity line is extended to debtors who have positive home equity in their mortgaged home. If you are not positive in terms of owning your home then a bank will Read more…
You own your home, and you’ve been paying down the mortgage faithfully. You’d like to access some of the money you’ve invested in your home, but aren’t sure how. These commonly asked questions and answers will help you understand how home equity loans and lines of credit work so you can make an informed decision. Read more…
What is Home Equity? If you have a mortgage loan on the property, you along with the lender own the property. The lender has an ownership stake in the property because they have financed the property purchase on your behalf, so until the mortgage is repaid in full, the mortgage lender continues to own an Read more…
A HELOC is a home equity line of credit or a loan that is tied to your home. It has a revolving line of credit meaning you can pay it off and then borrow again, similar to a credit card. However, the interest rate is usually much lower than a credit card. The interest rate Read more…
Interest rates move in curves: up, down, up and down again. When should you refinance? Every time the rate hits Read more...
One of the biggest purchases you will probably make it your life is your home. Your home may also be Read more...
The home loan business has experienced significant changes since the real estate crash of 2008. Most notably it has become Read more...
1. What is HUD? HUD stands for the United States Department of Housing and Urban Development. It’s a government agency Read more...