Home Equity Summary


Home Equity Summary
	About Types of Home Equities there are two types of home equity products home equity line of credit: functions as a credit line. Your lender will open up a credit line for an approved amount. You will have access to the line by using equity line checks. You simply use the check at any time to write the amount you want to borrow from the credit line. home equity loans: function just like a 2nd mortgage. Your lender will close your loan for an approved amount and give you the money. You will then begin repayments based on a amortized schedule. more information about home equity product features and terms
	About Interest Rates home equity credit lines are generally variable rate products. The rate can go up or down each month depending on the movement of market interest rates. home equity loans are generally fixed rate loans. You can lock-in a fixed rate loan for the term on your repayment period. more information about home equity rates
	About Loan Amounts the amount you can borrow is based on the market value of your home. Lenders will take a percentage of the market value and subtract the amount you owe on your first mortgage. The remaining amount will be the approved home equity loan amount. calculate the amount that you can borrow \| get the market value of your home
	About Monthly Payments home equity credit lines have minimum monthly payments. Most equity lines have interest-only payments during the draw period of the line. The monthly payment will be variable. home equity loans have monthly payments that have been amortized based upon the interest rate, loan amount and repayment term. The monthly payment will be fixed during the repayment period. link to home equity calculators to estimate payments
	About Home Equity Uses the home equity is one of the most popular loans for financing. The top three uses of home equities are: 1) consolidating debts; 2) making home improvements; and 3) financing a vehicle other uses of home equities include: 4) financing college education; 5) financing other life- and emergency needs; 6) starting a home business; and 7) paying off your mortgage we have a new concept that may be of interest: turning your equity line into a "Bankers" account. view home equity uses \| view home equity "Banker" concept
	About Qualifying for a Home Equity market value: the equity is secured by the market value of your home. The higher the market value, the better the approval amount for your home equity. credit score: lenders view credit scores to measure your credit risk. The higher your credit score, the more likely you will get approved. debt ratios: lenders view your debt levels to determine whether you can assume more debt. The lower the debt ratio, the more likely you will get approved. employment: lenders need to assure that you are employed or have proof of income from self-employment before they will approve your loan. view information about getting qualified
	About Applying for a Home Equity first: download this lenders shopping sheet so that you can compare lender quotes for best rate: download lender shopping sheet second: start your search through our lending network. Compare quotes using your lender shopping sheet: start your application through our lender network

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