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Home Equity Loan Options for Getting Cash or Consolidating Mortgages and Debt

Home equity loans can be your best friend, when you find yourself in a pinch for cash and don't want to refinance your entire mortgage. These cash out equity loans are considered second mortgages that are held in 2nd position on the property title. In the past home equity loans have increased in popularity with homeowners during periods in which the Federal Reserve is hiking key interest rates.

According to several large home equity lenders, the secondary loan volume increases when interest rates climb, because homeowners don't want to refinace the first mortgage lien. Senior loan officer, Brendon Daly said, "People don't want to pay higher interest rates on their 1st mortgage to just get a $50,000 in cash, when they can get a home equity line that doesn't charge any interest until the funds are accessed. Daly continued, If a borrower has a $650,000 first mortgage that has a fixed rate under six percent, why on earth would they want to refinance just to get a little cash." As Brendon demonstrated, there are many opportunities and good reasons to take out a home equity loan.

Listed below are six good reasons to cash out your home equity with a 2nd mortgage below:

* Access to Cash for Financing Home Improvement Projects

* Credit Card Consolidation and Fixed rate Conversions

* Down-Payment Funds for Investment Home Purchase

* Cash Reserve Lines for Emergencies

* Tax Deductibility with Home Equity Loan Interest

* Lower Mortgage Payments from Consolidating

Get approved for a home equity line of credit can open the door for home remodeling, as well as investment opportunities. Having a credit line in your back pocket can provide you peace of mind with emergency reserve funds that can really help you stay on the path, when you hit some bumpy roads.. I recommend getting approved for a home equity credit line or fixed rate 2nd mortgage as soon as possible.

Lynda Nelms is a renowned loan officer and author of the popular finance column, "Ask Lynda." She continues to deliver priceless financing advice with payment reducing tips for homeowners across the nation. Lynda continues to originate home loans for BD Nationwide Mortgage, which is still located in San Diego, California. Lynda suggests researching loan options and reading more featured articles about home equity and second mortgage loans. If you are still yearning for more information about home equity financing, then visit BD Nationwide Mortgage online. For a complete look at all types of secondary mortgage programs, please go to the Home Equity Loan & Rate Guide.

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• Countrywide will refund millions in N.C. (The Charlotte Observer)
  (By Christina Rexrode, crexrode@charlotteobserver.com) Mortgage lender Countrywide Financial Corp. will refund $11.5 million to 4,800 N.C. homeowners under a settlement with the state banking commissioner, the commissioner's office announced Thursday. The bank commissioner's office says that Countrywide levied unspecified ?illegal charges? on those homeowners, most of whom were borrowing for a ...



• Bernanke calls for more help to fix home mortgage crisis (The Sacramento Bee)
  WASHINGTON ? Adding to a mounting chorus in the nation's capital that the Bush administration must do more to reverse the nationwide housing slump, Federal Reserve Chairman Ben Bernanke on Thursday spelled out several aggressive steps that government could take to fix the main cause of the recession. "Despite good-faith efforts by both the private and public sectors, the foreclosure rate ...



• Are you an idiot to keep paying your mortgage? (ABC 15 Phoenix)
  Should you keep paying your mortgage? If you have significant equity in your home, absolutely. If you don't, it's getting harder to answer that question, especially when our government keeps giving people who owe more than their homes are worth so many reasons not to pay.



• Are sweeping changes coming for mortgage finance? (Merced Sun-Star)
  WASHINGTON - Adding to a mounting chorus in the nation's capital that the Bush administration must do more to reverse the nationwide housing slump, Federal Reserve Chairman Ben Bernanke on Thursday spelled out several aggressive steps that government could take to fix the main cause of the recession.



• Mortgage Refinance Applications Soar As Rates Fall (Nasdaq)
  NEW YORK -(Dow Jones)- Applications to refinance mortgages soared last week as interest rates dipped by almost 1 percentage point after the Federal Reserve announced that it would purchase billions in mortgage related debt.



• Proposal could drop mortgage rates to 4.5 percent (San Jose Mercury News)
  If Treasury Department approves plan, said one mortgage broker, 'We would have everybody and their brother who had equity in their homes coming to refinance. That would be an amazing influx of loan applications. It would keep things going for a long, long time.' Rates drop to 11-month low Bernanke: More foreclosure help needed Real estate news | Economic crisis news



• Lower mortgage rates spur refinancing (San Diego Union-Tribune)
  The housing market may finally be getting some much-needed relief, with lower mortgage rates already encouraging refinancing and Treasury officials considering ways to entice new buyers.



• Rate drops are of little help to many in California (Los Angeles Times)
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