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| Mortgage Equity Loans | | | Stated Mortgage | | | Advantage One Mortgage | | | Arm Mortgage | | | Fixed Mortgage | | | Commercial Mortgages |
Incredible Equity Loans For you.InfoWhen you obtain a home equity loan, you are borrowing money by using equity in your home as collateral. Equity is the difference between the appraised value of your property and the amount you owe on your mortgage. A home equity loan, also known as a second mortgage, provides you with a fixed amount of money, repayable over a fixed period of time. A second mortgage can be a great alternative to unsecured loans. For instance, the interest rate on a home equity loan is usually lower than the rates on revolving or installment debts such as credit cards or car loans. Another major advantage is the interest you pay on a home equity loan is tax deductible on loan amounts up to $100,000. Interest rates on second mortgages are typically fixed, although there are variable rate programs available. The term on these types of loans can vary from 5 to 25 years. The process of borrowing for a second mortgage works similarly to a first mortgage. The lender will have to qualify you by looking at your liabilities, assets, and creditworthiness, as well as appraising your home. However, closing costs should be much lower than closing on a first mortgage. See the U.S. Federal Trade Commission brochure on shopping for a home equity loan.
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