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GEEN AFBEELDING

Home Equity LoansCan They Help You?

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GEEN AFBEELDING

Home Equity LoansCan They Help You?

Cash can be hard to get, at times, and the debt can pile up, but if you own your own home it may be much easier than you think. A home equity loan allows you to take out a loan based on the built up cash value of your home. Here is what you need to look for in order to get a good deal on a home equity loan. How It Works A home equity loan is worth the amount of money that you now have invested in your house. Bijvoorbeeld, if you house is worth $250,000 on the market, and you still have $155,000 on your existing mortgage, then you have an equity value of the difference – $95,000, in this case. That means that many lenders would be glad to give you a loan worth up to $95,000, als tweede hypotheek, or home equity loan. Two Kinds of Mortgages When you apply for a home equity loan, there are two kinds that you might get. The first kind, called a home equity loan, simply gives you the moneylike any other loan. You are free to use the money as you want. The other kind is called a home equity line of credit, vaak aangeduid als een HELOC. Both of these are also referred to as second mortgages, since they are secured by the house itself. The Simple Home Equity Loan A home equity loan, or second mortgage usually is tax deductible, and is often based on the entire amount of the equity of the home. Over het algemeen, it is at a higher rate than the first mortgage, and usually has a maximum of 15 years to pay it back. Many homeowners use a balloon payment with this type of mortgage, or a large payment that is due at the end, in order to keep their payments low. Line of Credit This type of home equity mortgage gives to the homeowner a credit line that they are free to draw onwhen needed. The ceiling amount is pre-approved by the lender, and then they are free to draw out money as they need itor if they need it. Tot 100% of the equity value can be borrowed, and interest is only paid on the amount borrowed. The rate of interest, wel, will vary, afhankelijk van wat de tarieven zijn op het moment dat u geld opneemt. Deze leningen worden over het algemeen opengehouden tot 30 jaren. Zoals bij elke andere lening, u moet de tijd nemen om rond te shoppen om ervoor te zorgen dat u de beste deal krijgt. U moet niet alleen rentetarieven vergelijken, maar ook de verschillende vergoedingen die ermee gemoeid zijn. Scheid de daadwerkelijke lening van de vergoedingen en vergelijk ze met andere leningen – vergoeding tegen vergoedingen en leningskosten. Ga er niet vanuit dat, aangezien de hypotheeklening geen afsluitingskosten heeft, that they are not in there somewherethey are. Home Equity LoansCan They Help You?



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Last update date : 28-11-2021


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GEEN AFBEELDING
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