Lesser Known Facts About Home Equity Loans - Answering Service Resources

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Lesser Known Facts About Home Equity Loans

Lesser Known Facts About Home Equity Loans

Refinancing your debt via a home equity loan shifts your debts loan to your home. The flip side to such a move is that your home is on the line. However, tax deductions on interest repayments make it an attractive proposition. Moreover, in such a case of loan consolidation, it makes financial sense to go for a fixed term equity loan.

Newer products such as adjustable rate mortgages, wherein borrowers do not have to restrict themselves to a fixed home equity loan or a home equity line of credit, are hitting the market. One can take a home equity loan wherein the loan remains fixed for the initial period (at the discretion of the borrower), and after the period elapses, converts itself into a line of credit. Borrowers of these kinds of loans are normally individuals who are concerned about rising interest rates and yet want to keep their financing costs at a reasonable minimum. The only downside to this hybrid structure is that interest is charged on the entire lump sum as opposed to a plain vanilla home equity line of credit.

One of the many reasons that home equity loan products have become such a rage in recent times is because of the low interest rates. However, all that glitters is not necessarily gold. Borrowers need to read the fine print carefully before burdening themselves with a home loan to pay off credit card bills. One, not only are they converting short-term debt into long-term debt, but two, most home equity loans are not for financing that expensive vacation, but meant for something more long-lasting.

Home Equity Loans - Rates, in depth articles and professional second mortgage advice. Find the lowest home equity loans rates and lenders.

In The News:

Malaysia Star
Majority backs McCain’s $300B mortgage plan
Bizjournals.com, NC - Oct 10, 2008
John McCain, R-Ariz., that would have the federal government buy distressed and upside down mortgages and refinance them so homeowners can avoid ...
Mortgage rescue plan would be costly, and may fall short Detroit Free Press
McCain pushes multi billion pound mortgage plan Reuters UK
Barack Obama tells Men's Health magazine he has big plans for the ... FOXNews
Reuters - Afrik.comall 92 news articles

Washington Times
ARM Holders Would Do Well to Shop Around Now
Washington Post, United States - 6 hours ago
... lenders tighten their standards, and mortgage rates rise and fall, he wonders: What will happen when he has to refinance in 2010? ...
Bush: Don't Panic! At Least Not This Week, Anyway Reason Online
A Solution To The Financial Crisis? VDARE.com
Blame game starts closer to home Norristown Times Herald
SouthCoastToday.com - PopMattersall 231 news articles

New York Daily News
Homeowners have new option
Seattle Post Intelligencer - Oct 10, 2008
The Hope for Homeowners plan is supposed to help up to 400000 homeowners who can't afford their mortgage payments and who can't refinance to get a lower ...
New program offers financial help for homeowners The Union Leader
all 10 news articles

Seattle Post Intelligencer
McCain campaign outlines mortgage-rescue plan
San Francisco Chronicle, USA - Oct 9, 2008
Barack Obama, McCain's Democratic rival, has proposed helping troubled homeowners refinance their mortgages, but his campaign attacked McCain's proposal for ...
Video: Obama: 'Taxpayers Shouldn't Pick Up Tab' AssociatedPress
Taxpayers, Not Lenders, Would Bear Costs of McCain’s Mortgage Proposal New York Times
McCain's plan for troubled home loans called impractical Newsday
Detroit Free Press - ToTheCenter.comall 897 news articles

More homeowners owe more than home's value
Canton Repository (subscription), OH - 9 hours ago
One reason is that as home values slip, growing numbers of would-be borrowers lack sufficient equity to refinance. The falling values also make mortgage ...

Avon Jittery As It Prepares To Refinance Debt
Hartford Courant, United States - 6 hours ago
... been struggling to process just $1 billion a week, a victim of the same credit strangulation that has stalled the mortgage and commercial paper markets. ...

Washington Post
McCain sells mortgage plan
Boston Globe, United States - Oct 11, 2008
Under his plan, the government would spend about $300 billion to buy distressed mortgages from financial institutions at their face values, then refinance ...
What about the economy Obama, McCain? James Klurfeld Newsday
all 965 news articles

In market for a mortgage?
Portsmouth Herald News, NH - 3 hours ago
Since the Federal Reserve lowered short-term interest rates by half a percent recently, you might have an opportunity to refinance existing debt, ...

Ilyce Glink: Want to refinance? Watch the rates
San Antonio Express, TX - Oct 10, 2008
Should I refinance both of these loans into a 30-year mortgage or wait and see what happens in the next 31/2 before the rate on the ARM goes up? ...

Dozens seek 'mortgage intervention'
KING5.com, WA - 13 hours ago
"They could possibly to a refinance or early loss mitigation program such as a loan modification to modify their loan into a fixed affordable rate," she ...

mortgage refinance - Google News

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