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Home Loan Equity

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Monday, August 1, 2011
Easy Home loans

A home equity loan (sometimes abbreviated HEL) is a type of loan in which the borrower uses the equity in their home as collateral. These loans are sometimes useful to help finance major home repairs, medical bills or college education. A home equity loan creates a lien against the borrower's house, and reduces actual home equity.

Home equity loans are most commonly second position liens (second trust deed), although they can be held in first or, less commonly, third position. Most home equity loans require good to excellent credit history, and reasonable loan-to-value and combined loan-to-value ratios. Home equity loans come in two types, closed end and open end.

Both are usually referred to as second mortgages, because they are secured against the value of the property, just like a traditional mortgage. Home equity loans and lines of credit are usually, but not always, for a shorter term than first mortgages. In the United States, it is sometimes possible to deduct home equity loan interest on one's personal income taxes.

There is a specific difference between a home equity loan and a Home Equity Line of Credit (HELOC). A HELOC is a line of revolving credit with an adjustable interest rate whereas a home equity loan is a one time lump-sum loan, often with a fixed interest rate.

9 Comments:

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August 27, 2011 at 2:12 AM  

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November 5, 2011 at 3:11 AM  

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November 19, 2011 at 2:27 AM  

awful

November 19, 2011 at 2:27 AM  

it does not make sense to me

January 9, 2012 at 6:03 AM  

FUCK your lying

April 29, 2012 at 3:53 AM  

Home equity loan is appreciated over other financial loans because loan companies are more lenient about the conditions. The loan companies are flexible about the mortgage mortgage as it is a secured mortgage. The property owners can utilize the home loan for any purpose as it is cheaper than most other types of financial loans.

June 27, 2012 at 3:00 AM  

WAT mayne ,why tdo pps have to make fucking jokes about this ,fck this .i want gta v not sm loan shit .

August 23, 2012 at 1:49 AM  

I don't fucking care cause hahahahahahah commenters I got it for the fucking xbox hahahhahahahahhahahhhahahahahahahah and you guys are trying to make money making people paying for a blank fucking page

January 23, 2014 at 1:31 PM  

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