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Henry Adams
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How to get a home equity loan?

Good morning, I need some advice about home equity loan.  I would like to make some home repairs that will cost me a lot. I was not sure that this was the right moment to make them but my wife doesn't want to wait anymore. We need to take out a loan. How can I get it? Is it too complicate? And what are the pros and cons of this type of loan? Thank you in advance.

 

Sun, 15/09/2013 - 14:54

Comments : 0

Answers

4

AnswerWidget

Good morning, actually for this type of expenses (such as home upgrade) home equity loan is the perfect financial tool since you get the entire amount of money you need at once and you can pay it off within the next 15 years. It is also renowned as second mortgage.

Equity is basically the difference between the current value of your home and how much you owe on your initial mortgage.

Wed, 18/09/2013 - 11:02
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Home equity loans are much more convenient than other type of loans. Anyway, it is good for you to know that there are two types of home equity loan: a fixed term loan and a line of credit (or Heloc). While, as Elisabeth said, with the first one you get a one-lump amount of money and interests are fixed, with the second one you get the access to funds when you need them and the interests are adjustable. 

Tue, 24/09/2013 - 19:46
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I agree with the convenience of home equity loans since interest rates are lower than in other types of loans. But always remember that are using your home up as collateral, and you are running a certain risk; so, make sure that you will be able to keep up with payments.

 

Wed, 02/10/2013 - 23:02

Watch this video to get more precise information. 

Thu, 10/10/2013 - 18:14

Good morning, actually for this type of expenses (such as home upgrade) home equity loan is the perfect financial tool since you get the entire amount of money you need at once and you can pay it off within the next 15 years. It is also renowned as second mortgage.

Equity is basically the difference between the current value of your home and how much you owe on your initial mortgage.

Wed, 18/09/2013 - 11:02
Tags: 

Home equity loans are much more convenient than other type of loans. Anyway, it is good for you to know that there are two types of home equity loan: a fixed term loan and a line of credit (or Heloc). While, as Elisabeth said, with the first one you get a one-lump amount of money and interests are fixed, with the second one you get the access to funds when you need them and the interests are adjustable. 

Tue, 24/09/2013 - 19:46
Tags: 

I agree with the convenience of home equity loans since interest rates are lower than in other types of loans. But always remember that are using your home up as collateral, and you are running a certain risk; so, make sure that you will be able to keep up with payments.

 

Wed, 02/10/2013 - 23:02

Watch this video to get more precise information. 

Thu, 10/10/2013 - 18:14
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