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all about equity loan

all about equity loan
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Low Rate Home Equity Loans - Refinancing For A Shorter Term And Better Rate
2007-12-12 00:18:00
Looking for a better rate is a common reason people choose to refinance their home equity loan. But did you know that shortening your loan term can save you more money than reducing rates? Combine the two and you will save yourself thousands in interest costs and trim years off your payment schedule. Why Time Matters While most people focus on comparing rates when looking at loans, they should be equally concerned about the length of the loan. The longer you pay interest on your home equity loan, the higher your interest costs, even with a low rate. For instance, take a look at a $30,000 home equity loan. Its interest at 6% for 10 years equals costs $9967.43. Interest for a 5 year loan for the same amount but at 7% is just $5642.12 ? saving you over $4000. With some companies, you can also qualify for lower rates by choosing a shorter loan period. Adjustable rates can also reduce your rates, but with the chance that your loan term may be extended. Rate s Still Matter And So Do L...
More About: Loans , Home , Term , Equity
Home equity loans are becoming tougher to find
2007-10-09 07:12:00
By Paula Burkes EricksonBusiness WriterSince buying her home in the Village seven years ago, Leslie Spears has been itching to update her late '70s kitchen, with its laminated counters and inefficient cabinets. Some $20,000 later and one summer of inconvenience, she has a new kitchen ? minus a backsplash that's expected to arrive any day. Spears and her mortgage company agreed in May to hold off on a home equity loan until after the remodel ? when her house should appraise for more and she'll qualify for a bigger loan. She put her expenses on a Lowe's credit card, which has zero interest for six months. In December, the rate kicks up to 17 percent. "I'm sweating it a little,? Spears said. "Several homes for sale in my neighborhood aren't moving quickly,? she said. "I'm checking comps (comparable sales) all the time, in hopes of getting as high a value on my home as possible.?Banks become leery Though home equity loans and home equity lines of credit (HELOCs) still are availab...
More About: Loans , Home , Find , Equity
Proposition 8 would strengthen home-equity loan safeguards
2007-10-09 07:05:00
Burt Solomons Since the passage of the home equity laws in 1997, Texans have sent their children to college, remodeled their homes, paid medical expenses or paid off higher interest debt by taking advantage of the equity in their homes. A home equity loan or line of credit allows a homeowner to borrow money using the home's equity as collateral. This November, Texas voters can strengthen the consumer protections afforded borrowers in the home equity laws by passing Prop osition 8. Due to a recent lawsuit, the Finance and Credit Union Commissions asked the Legislature to clarify the home equity loan provisions in the Texas Constitution. Also, because of the heavy financial burdens caused by Hurricanes Rita and Katrina, the Legislature believes homeowners should be allowed to access the equity in their property in the event of a natural disaster. While the basic principles of home equity lending remain unchanged, Proposition 8 enhances several provisions...
More About: Home , Loan , Home Equity Loan , Equity
Globalisation of Funds a Strategic Priority but Expansion Still in Very Ear
2007-10-03 05:26:00
Asset management firms still in process of determining how to best capitalise on opportunities around the world BOSTON, Oct. 2 /PRNewswire/ -- According to a new report whosepublication is sponsored jointly by Citi and Legg Mason, fund managers haverapidly ventured abroad in this decade in search of new clients and higherreturns. The pace of this expansion has accelerated lately as pensionrestrictions are lifted in emerging economies and pension clientsincreasingly want all- inclusive global mandates. Retail clients are moreinterested in funds with universal themes, and new wealth generation iscreating the opportunity for more retail clients around the world toinvest. The US still remains the industry's epicentre but Europe and Asiaare its new growth engines. As half the assets have come to be held outside the domestic markets,significant capability has been created in over 70 countries via a mix ofnew starts, organic growth, M&As and local alliances. However, th...
More About: Globalisation , Strategic , Funds , Expansion , Priority
Debt Consolidation Loan for Homeowners: Pack your Debts in your Home
2007-10-03 05:14:00
Understanding debt consolidation loan for homeownersIf you have more than one debt you run the risk of getting caught in a negative lending spiral. If things get out of hand you might even have to take a new loan to pay off one your old debts. With a debt consolidation loan for homeowners you can consolidate all your high interest credit cards and your consumer loans into one affordable monthly payment with low interest. This type of loan is debt consolidation loan for homeowners. The featuresThis type of loan falls under secured type as you have to offer your house as collateral against the loan amount. The loan amount ranges from ?5000 to ?25,000 depending upon the assessment of your assets. As this is a secured loan so the lenders charge a very low APR. The repayment span is also relatively longer and extensible as well. If you maintain a neat credit sheet you may enjoy much better terms and conditions. The debt consolidation loan can -lower debt payments up to 50%, - provide one...
More About: Debt Consolidation , Home , Loan , Debt , Pack
Good and Bad Points of Debt Consolidation
2007-10-02 09:45:00
Bradley McDonnell October 1, 2007 Debt consolidation is a debt-relief program that entails you obtaining a loan and using the money to pay off debts. You may achieve debt consolidation with many different types of loans, but before you decide to pursue debt consolidation, you must first understand the good and bad aspects involved in your debt-relief program. Good Aspects of Debt Consolidation Easy-to-manage budget: Making one payment each month on your debt consolidation loan is easier than paying multiple creditors.Less likely to make late payments: Figuring out when to pay a specific credit card company can lead to late payments. However, debt consolidation loans combine you payments to ensure you never miss a due date.Extend your debt repayment: Some debt consolidation loans feature a 30-year repayment term, which yields low monthly payments. By paying less each month, you relieve the strain on your income.Halt collection calls: You use the proceeds from the loan to pay of...
More About: Points , Dati
The new rules of the credit crunch
2007-10-02 09:12:00
The Fed may have lowered interest rates, but credit is still getting tighter - and not just for high-risk borrowers. By Jeffrey Rothfeder, Money Magazine writer(Money Magazine) -- Good-bye, easy money. Hello, credit squeeze. If you haven't tried to borrow since the subprime chaos began, you'll find your friendly money bazaar a much more cautious place. The lenders that in 2005 threw funds at anyone with a pulse have begun to insist on proof that borrowers have a prayer of paying them back. Even if you have a high credit score and a flush bank account, you'll likely feel the difference. So you'd better get to know the new rules.MortgagesWhat's happening: Several species of exotic mortgages are headed for extinction, including the 2/28, the 3/27 and those requiring no proof of income, says Paul Haarman, vice president of Renaissance Mortgage Corp. But the effects of the mess have extended beyond subprime. According to the Federal Reserve, about one in seven banks has toughened ho...
More About: Credit , Rules , Crunch , Rule
The Benefits of A Home Equity Loan
2007-10-02 09:00:00
Posted by EditorChoice Sunday, 30 September 2007 A home equity loan allows you to borrow money using the equity in your home as security. By equity we mean the market value minus any mortgage or loan amount attached to it. You can borrow the money as a loan, as you have paid down the original home loan in order to build up equity.To make things clearer, let?s say you had originally bought your home for $200,000 and you have managed to pay the loan amount down to $175,000. The home has now appreciated in value and the cost of the home as per the current rates is worth $250,000. You can potentially take out a home equity loan for $75,000.There are quite a few benefits for the borrower as well as the lender for home equity loans. For the borrower, he or she can get a lower interest rate on a home equity loan compared to other types of loans. In addition, if the borrower has bad credit, he or she may still be able to get a home eq...
More About: Home , Loan , Home Equity Loan , Benefits , Equity
Choosing Heloc Over Equity Loans
2007-10-02 08:29:00
Posted by EditorsChoice Monday, 01 October 2007 One thing about owning property is that it helps in getting loans. One can easily obtain secured loans by using the house as collateral. Moreover, secured loans are a lot more affordable than the unsecured variety. Those who have no mortgages to pay should take a look at the secured loans. Those who are still paying off the mortgage installments can make use of the equity on their home to make use of the various other available options. More importantly, these days, there are far more options than just home equity loans. There are other lines of credit that one can go in for.HELOC or Home Equity Line of Credit is among the various new options being used instead of the home equity loan. In the case of HELOC, the bank provides a number of equity checks that can be issued as and when to take a loan depending on one's equity balance. These equity checks, typically allow us to dr...
More About: Loans
How to Use Credit Card Debt Consolidation to Get Out of Financial Trouble
2007-10-02 05:09:00
Posted by EditorsChoice Monday, 01 October 2007 Most people have credit cards, it is a fact of life, and is in fact almost a requirement to function in today's world. But at the same time, many people view credit cards as "free money", and instead of differentiating carefully between "want" and "need" when they are considering purchasing something, that line starts to get very hazy and unclear. Frequently an item that really belongs in the "want" category is moved to the "need" category by the various forms of mental justification (like "I deserve this") that people play on themselves.The problem comes in when financially, you should have not purchased that item because it is just beyond your financial abilities to repay, even at high interest rates. Then you use another credit card to do the same thing, or perhaps to do a cash advance to allow you enough money to make payments on the first credit card. Then the same thin...
More About: Debt Consolidation , Credit Card Debt , Card , Credit , Financial
Free Online Debt Consolidation ? Get Rid of Mounting Debt!
2007-09-30 05:22:00
Debt consolidation makes life simpler and free online debt consolidation takes the simplicity to greater extent. One can check and crosscheck for bad credit debt and choose from the lenders for the one providing with low rates of interest and longer repayment time span.With the advent of information technology, computers and internet, everything and anything can be obtained in a soft form and any application can be done just with the click of the mouse. And a few of those provide with free online debt consolidation too. Whether one wants to search for a home or loans at affordable rates, vehicles, groceries or educational stuff, every thing can be bought with the assistance of pay pal or credit cards while you are in the comfort of your chair. These days online approach is becoming popular for consolidation loans as approaching each lender individually is eliminated and a comparative study of the rates of interest makes it handy to make a proper choice and come down to an appropriat...
More About: Debt Consolidation , Free , Online , Debt , Mount
Revolutionary Program Revs Up Equity Gains
2007-09-18 09:42:00
San Clemente, CA, September 18, 2007 --Revolutionary program revs up equity gains and accelerates pay-off for homeowners without increasing cash outlay, without a bi-weekly plan and it runs on auto-pilot.Build home equity 2 to 3 times faster without sacrificing lifestyle or changing your current spending habits? California based, MoneyNavigation, Inc.?s FastEquity System, provides a maximum debt elimination, equity building alternative to conventional home financing. Rather than creating traditional amortizing debt against your home, the program provides the homeowner an innovative combination of a checking account with the primary home loan.This arrangement allows for all personal cash flow to go against the loan balance which forces down the daily interest charged on the balance, cutting an average of 15 years or more off the repayment schedule of a traditional mortgage. All the while allowing the homeowner full access to their money to pay their regular monthly bills. Banking yo...
More About: Program , Gram
The FirstAgain AnythingLoan Saves Timeshare Owners Thousands of Dollars
2007-09-13 09:21:00
Excellent Credit Buyers Changing How They Finance Timeshare s, Vacation Owners hip, and FractionalsSAN DIEGO, CA--(Marketwire - September 13, 2007) - FirstAgain customers are taking a vacation from high rates and paperwork when purchasing or refinancing vacation property this season. The company's AnythingLoan, an unsecured paperless loan often offered at the lowest rate available and funded the same day, is ideal for timeshare, fractional, and vacation owners. When refinancing an existing high-interest loan or financing a new or resale purchase, the AnythingLoan saves excellent credit consumers thousands of dollars in interest associated with purchasing directly through brokers or management companies. Conventional timeshare lending sources average 14 percent, and home equity loans are harder to find or obtain these days. FirstAgain rates start at 7.49 percent -- nearly half the interest cost -- translating into more than $5,000 in savings over a seven-year term when the average ...
More About: Dollars , Doll , Aves
Personal Finance Advice on Debt Consolidation Loans
2007-09-13 05:18:00
Many different loans exist to finance debt consolidation, and you need to ensure you obtain a loan best suited for your financial budget. Here are some tips on choosing a debt consolidation loan based on your financial situation If your debts are a result of an unexpected emergency, such as a medical ailment, then you should consider a short-term debt consolidation loan. This loan will ensure you spend less money by reducing your interest charges. Balance transfers can be an effective debt consolidation method if all your debts occur on credit cards. You apply for a credit card that carries a low introductory rate, and then you transfer all your high-interest debts onto the low-interest card. Refinancing your mortgage for debt consolidation can help ease a large amount of debt. If you hold more than $30,000 in debt, then you can refinance your mortgage and receive a cash-out lump sum to pay off your creditors. Some financial lenders offer personalized debt consolidation loans desi...
More About: Personal , Debt Consolidation , Advice , Personal Finance , Finance
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