How To: A Home Equity Loan

Posted on March 26 By MLP Lending Guide

When you want to take money out of the equity in your home you may consider a home equity loan. A home equity loan is a second mortgage on your home that allows you to get cash out of your equity without refinancing your existing FHA mortgage loan. You can take out a home equity loan to pay for home improvements, remodeling, a wedding, college, traveling, a car, debt consolidation, or anything else you want.

In order to get a great deal on a home equity loan you should consider where you are going to get your loan, for how much, and for how long you want to take to pay back the loan. Consider these facts:

  • Home equity loans are better than refinancing your current mortgage if rates are higher now. As long as your first mortgage has a better interest rate than the current loan rates you will save money by taking ut a home equity loan rather than refinancing.
  • How much money do you need? The less the better because then you will have a lower monthly payment and you will not overextend your finances. You will also get a better deal and lower interest rate if you dont take too much of the equity out of your home so that the fees are lower for the loan and the lender does not consider you high risk because you are leaving some value in your home.
  • You can take home equity loans for different terms. Do you want to pay back the loan quickly over 3-5 years or longer over 10 years? The less time you take the loan for the lower interest rate you will get, but the monthly payments will be higher. If you can afford the larger monthly payments you will usually get a better deal if you take the second mortgage for a shorter amount of time.
  • The more you shop for your home equity loan the more you can save. Look at may different lenders and compare the offers they give you. Then choose the best deal that will save you the most money.

For whatever reason you need a home equity loan consider what you need in order to save yourself money and get the best deal possible.

This entry is filed under Refinancing , Home mortgages . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response.
National Mortgage Rates National Refinance Rates
Compare Local Rates

35 Responses to "How To: A Home Equity Loan"
  1. Randall Hupp 12, Nov, 2011

    Aw, this was a really nice post. In concept I would like to put in writing like this additionally � taking time and precise effort to make a very good article... but what can I say... I procrastinate alot and certainly not seem to get something done.

  2. Getting yourself Great Deals in Mortgage-Equity Loans 26, Oct, 2011

    [...] #split {}#single {}#splitalign {margin-left: auto; margin-right: auto;}#singlealign {margin-left: auto; margin-right: auto;}#splittitlebox {text-align: center;}#singletitlebox {text-align: center;}.linkboxtext {line-height: 1.4em;}.linkboxcontainer {padding: 7px 7px 7px 7px;background-color:#eeeeee;border-color:#000000;border-width:0px; border-style:solid;}.linkboxdisplay {padding: 7px 7px 7px 7px;}.linkboxdisplay td {text-align: center;}.linkboxdisplay a:link {text-decoration: none;}.linkboxdisplay a:hover {text-decoration: underline;} function opensplitdropdown() { document.getElementById('splittablelinks').style.display = ''; document.getElementById('splitmouse').style.display = 'none'; var titleincell = document.getElementById('titleincell').value; if (titleincell == 'yes') {document.getElementById('splittitletext').style.display = 'none';} } function closesplitdropdown() { document.getElementById('splittablelinks').style.display = 'none'; document.getElementById('splitmouse').style.display = ''; var titleincell = document.getElementById('titleincell').value; if (titleincell == 'yes') {document.getElementById('splittitletext').style.display = '';} } Florida Helhome Equity LoansPlace Equity Loans: Unfavorable credit ratings Is alright When you Resolution All these Four IssuesCalifornia Helhome Equity LoansAbout Arizona House Home loan Loan ChargesThe Other Occupation: How Wall Street Occupies WashingtonHow To: A Home Equity Loan [...]

  3. Plate Renewal Broward 10, Oct, 2011

    Your blog needs help REALLY BAD! PLEASE install the Growmap Anti Spambot Plugin to stop people from filling in worthless comments using auto post bots. Go into your /wp-admin/ and click plug-ins and then search on: Growmap Anti Spambot Plugin and install it and activate it to stop any further spammers.

  4. Arthur Chinault 29, Sep, 2011

    heya there, this is very nice post. I certainly agreed. However there are a lot of off topic comments. I seriously advise you to eliminate or something like that. That�s only my opinion. All the best !!

  5. Shannon Streighan 05, May, 2011

    Autobloggers? Find them on the Warrior Forum!

  6. gold bullion invester 26, Jan, 2011

    I really stumbled across a worthwhile feature not long ago to make money during buying golden gold market place. I guess it's time intriguing because the gold industry definitely seems to be exploding today and also nobody are gaining from it again.

  7. asbestos 06, Jan, 2011

    Very interesting website. I am not sure if I agree but nice read!

  8. ericcarlos111 18, Nov, 2010

    A very smart and diplomatic answer. It�s really appreciable and general. ********** ericcarlos111 Business Loans

  9. Donny Dime Bet 23, Oct, 2010

    Your best advice is to move out of country if you are indeed serious about starting a sports betting website. Although there are plenty of offshore sites dedicated to US residents, it's illegal to house one here.

  10. Jamison Montie 30, Sep, 2010

    I found a great article about refinancing equity on Ezinearcles. It helped me, hopefully it will help you.


Leave a Comment
Get Mortgage Loan Quotes Now
  • Free Quotes
  • No Hidden Fees
  • No Obligations
  • Refinance
  • New Home Loan
  • Home Equity
  • Debt Consolidation
  • FHA Loan Orientation Guide
  • FHA Loan Orientation Guide

    Use our FHA Guide to find answers to all questions related to FHA loan.

    Click here to Download

Compare Mortgage Rates