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Home Equity Loan |
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Home equity loan. A home equity loan, sometimes called a second mortgage, is secured by the equity in your home. You receive the loan principal, minus fees for arranging the loan, in a lump sum. You then make monthly repayments over the term of the agreement, just as you do with your first, or primary, mortgage. The interest rates on home equity loans are generally lower than the rates on unsecured loans. However, when you borrow against your equity you run the risk of foreclosure if you default on the loan, even if you have continued to make the required payments on your first mortgage. Home Equity Loan Same as Second Mortgage. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| In The Insider's Guide To Home Equity Borrowing he draws upon his years of experience and expertise to show the reader in great and comprehensive detail just how to determine the best home equity lender for them, how to successfully negotiate the best terms for a home equity loan, and how to get their home equity loan application quickly approved by the lender. Once the deed to the home is officially transferred to your name (an estate planning attorney can help), this would be an excellent time to take out a home equity loan for a modest amount, say $50,000, on a property appraised at $150,000. 4 percent of homeowners had a home equity loan in 1977. |
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