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Equity loan
Author: Jakob Jelling
An equity loan allows you to borrow money from a lender to the amount of the money you have paid into a property. Equity loans usually refer to home equity where the loan provided is backed by the money you have paid into your home. There is a lien put on the equity of your home after you have borrowed the money.
Many people find an equity loan an appealing option due to the very low rates they offer. The low rates are mostly due to the fact that they are backed by a property you already own. However since the lien is put on your home, you may end up losing your home to the lender if you fail to pay. The lender may auction off the home and pay you the amount outside the lien.
A low rate equity loan can be used for a variety of different tasks. You can use the money to start a new home improvement project or put up an addition to your home. You can use it to take a much-awaited vacation or pay for your kid’s college tuitions.
Equity loan rates have been so low lately that some people even borrow the money to invest it. This can be a dangerous proposition however, since if your investment tanks you may end up losing your home.
There are two main types of equity loans you can get on your house. A home equity loan is a lump sum payment equal to a percentage of the money you have paid into your home. A home equity line of credit is different and works more like a credit card, where you borrow only the money you need from your home equity.
Equity loans have to be paid back, usually on a monthly basis. This includes the principal payment plus interest for the month. If you do not pay on time, you can end up ruining your credit and be forced to pay a higher loan rate on any credit you apply for. On the other hand, timely payments can help you raise your credit score so you are able to refinance your equity loans and secure even lower interest rates.
About the Author
Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.
Article Keywords:
Home Loans
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As you may know, I have a very deep passion for real estate and mortgages. In
fact, this website is a true labor of love for me.
As publisher, one my many duties is to review the many books, programs
and courses about real estate and mortgages that are on the market today. I’ll
be honest with you. Most of them are garbage. (Although
I do strongly recommend the programs in the “Must Have” box
above).
But, let me tell you, when I came upon the following headline, I new
I found a winner…
“Learn How To Quickly Build At Least $40,000
Worth Of Home Equity And Pay Your Mortgage Off In 10 Years Or Less”
-Without Making Biweekly Mortgage Payments-Or Changing Your Current Mortgage.
Now, the reason I knew it was a winner was because of the name behind
the headline. Craig Romero. Many consider Craig to be one
of the true geniuses in our field. I have a lot of respect for
him, and I
urge you to drop what you are doing right now and click the link below... |
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