Equity loans are the amount of money you can borrow based on your property's value and what you still owe. Using your home for collateral to borrow money for needed repairs, a vacation or anything you may need is using the equity. The equity is the amount the home is worth over what you owe. For example, your home has been appraised for $200,000 and you owe $100,000. The equity would be $100,000.
A few questions always crop up when it comes to an unfamiliar subject. Equity loans can be explained simply by asking a few questions of the lender with whom you are applying. They can be used for basically anything you need to use them for except illegal activities. Most people use them for debt consolidation or buying something expensive they have wanted for a long time. They are also often used for home improvements and paying for college for your children.
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There are other uses for home equity loans. If you have accounts that you want to pay off and consolidate all your debts together in one payment, this is one way it can be done. This may help you to get back on track because these loans often have a lower percentage rate. They are also tax deductible.
It is easier than ever to apply for equity loans. With the Internet all you have to do is fill out an application online and normally you will have an answer in about a minute or two. The process only takes a few minutes and the quickness of the response is one reason many homeowners decide to take this route when using their home for collateral for a loan.
Most financial institutions look at your employment, the amount of your take home pay, your credit history and how much money you are asking to borrow. Next they look at the value of your home and how much you still owe. If approved, you will most likely have a fixed monthly payment as well as a fixed interest rate.
Even those who are self-employed may qualify for an equity loan as long as they meet the credit requirements of the lender. The terms for repayment will depend on the amount you borrow, the interest rate and length of the loan. It is not going to be the same terms as the original loan you had on your home.
A home equity loan is not the same as a home equity line of credit. The home equity line of credit is revolving credit and your home is used as the collateral. The interest rate is not fixed and neither is the payment. The amount you will pay each month will depend on the amount you still owe.
Most finance companies or banks require that you live in your home to receive a home equity loan. The best aspects of having a home to use as collateral for this type of loan is in case of emergency there is something to count on for the cash you will need. The typical loan of this sort normally takes from two to three weeks to close. Although if you have had the same account for many years and know the officers of the bank it could be processed earlier.
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