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california home loan mortgage refinance refinance
The Pros And Cons Related With Home Equity Loans
The Pros of Home Equity Loans
1. The advantage with a home equity loan is the ability to use the loan amount any way you want, such as funding emergency, paying off debt, college, a vacation, or home renovation.
2. Interest rates for a home equity loan tend to be lower than credit card rates or consumer loans. Another advantage associated with home equity loan interest rates is that it is tax deductible up to the equity value in your home or up to $100,000 - whichever is less. (note - the tax-deductible portion is based on a percentage)
3. Home equity loans are also quite flexible, in the sense that it allows you to choose when to use the money, and you may be able to decide when to repay the principal.
The Cons of Home Equity Loans
1. You may risk losing your home with a home equity loan if you cant repay or refinance the loan, since your home is the collateral for the home equity loan, similar to an additional mortgage on your home. Foreclosure can happen within 60 to 90 days of late/missed payments.
2. For people experiencing career changes, home equity loan can also been an advantage, putting your home at risk. If the value of your home falls, it is probable that you might be left with more debt on your property than its worth.
3. Home equity loan interest rate is dependent on the change in economy, causing your monthly payments to rise or fall. So, its important to know the cap on the home equity loans interest rate, which determines how high your interest rate can increase each year, or over the whole loan time period.
4. Home equity loan lenders can charge several types of fees such as application, origination, and withdrawal fees.
Things to remember when getting Home Equity loans:
1. Home equity loans are ideal for people who want to borrow a lump sum amount and reap long-term rewards.
2. Home equity lines of credit, on the other hand, are more suitable for those focusing on the short-term.
3. When considering home equity loans as means to consolidate debt, pan on the long-term effects.
4. Consider your financial situation before applying for any type of home equity loan, and weigh down all the pros and cons.
5. Compare interest rates, fees, repayment conditions, loan amount, and additional costs between several lenders.
6. Read all the fine print
7. Do not accept offer for a credit card to access your credit line, which makes using your loan too easy.
8. Set up a systematic repayment schedule, and remember that its best to pay more than the minimum required.
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More Useful Resource and Updates on california home loan mortgage refinance refinance
- FDIC cracks down on OneUnited Bank (Los Angeles Business Journal)
A federal bank regulator recently accused the management of OneUnited Bank, one of the largest black-owned banks in the country, of running an unsound lending operation and ordered a top-to-bottom review of executive perks that included a 2008 Porsche and a housing allowance for a beach-front home in California.
- 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.
- Ineffective Remedies (Khaleej Times)
Foreclosures totaled 1.2 million in the first half of 2008, compared to 1.5 million in all of 2007. Some experts predict close to 3 million in 2009. They cite several causes.
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A Palisades Park businessman who lived as a fugitive for nearly three years was sentenced today to 12 years in federal prison for masterminding a $23 million mortgage scam that defrauded 18 lending institutions.
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The government stood by while Downey Savings met a grisly fate.
- Countrywide to refund 4,800 N.C. homeowners (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 today. The bank commissioner's office says that Countrywide levied ?illegal charges? on those homeowners, most of whom were borrowing for a first ...
- 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.
- Proposal could drop mortgage rates to 4.5 percent (The Monterey County Herald)
Mortgage brokers could barely contain their enthusiasm as news leaked from Washington of a proposal to reignite the dormant housing market by driving down mortgage rates to the 4.5 percent range.
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