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Are Unsecured Debt Consolidation Loans Right For You?
When it comes right down to it, there are very few situations in
which bankruptcy has to be the answer. Often times, when it
comes to debt issues, unsecured debt consolidation loans are
much less damaging answer than bankruptcy. What is...
Home Loans and Mortgages – Watch Out for Dangerous Subprime Loans
With the growing interest in real estate purchasing and speculation, more and more lenders are offering “nontraditional” types of mortgages. These include adjustable rate mortgages (ARM) of every shape and size, the more popular interest-only...
How to Find Low Interest Online Loans
Low interest online loans are a wonderful way for individuals who find themselves in need of additional funds to get the money that they need without paying an exceptional amount for it.
A person can use their low interest online loans to pay for...
How to Get 100% Financing - Zero Down Mortgage Loans (Even With Bad Credit)
I decided to write this article today after closing a home purchase loan for a couple that had some major credit issues. They got into the house with ZERO down payment, and only had to bring $600 for the closing costs. Their situation was pretty...
Unsecured Personal Loans and Credit: A Summary
For those exploring the possibility of taking a loan but not quite sure what unsecured personal loans and credit are all about, here’s a helpful summary. This summary will help you to understand what unsecured personal loans and credit involve and...
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Home Equity Loans Make Financial Sense
Home Equity Loans Make Financial Sense
The optimum word in "home equity loan" is equity. Start with the
fair market value of a home, subtract the mortgages (first and
second) and any liens against the property, and what you have
left is the equity. This equity can be used as collateral to
secure cash in the form of a loan or mortgage.
The amount borrowed is based on a percentage of the appraised
value of the home. The percentage rate can vary from 75% to
125%. The length of the financing will also vary. The two main
types of home equity loans are fixed rate loans and adjustable
rate loans.
Fixed rate loan - provides a fixed amount of money at a fixed
rate of interest, repayable in equal payments over the life of
the loan. Fixed rate financing costs more in set-up fees and
comes at higher interest than adjustable rate loans. But if
homeowners stay put and interest rates go up, they will save
money over a comparable adjustable rate loan.
Adjustable rate loan - the interest rate goes up or down
according to the index upon which it is based. Adjustable rate
loans will have a cap on how high the interest rate can go.
Usually called ARMs (Adjustable Rate Mortgages), this type of
loan has lower up-front costs and starts at a lower interest
rate than fixed rate financing. This means lower initial monthly
payments.
According to the Consumer Banker Association, the top ten
reasons for getting a home equity loan are:10. Vacation
9.
Medical expenses 8. Business expenses 7. Household expenditures
6. Investment 5. Major purchase 4. Education expenses 3.
Automobile purchase 2. Home improvement 1. Debt consolidation.
Debt consolidation, the most popular reason people cash out
their home equity, is a smart form of financing because of the
money it can save. For example, say you owe $15,000 on a credit
card that charges 17% interest. If you get a debt consolidation
loan at 9% interest and pay it off in five years, you'll save
you over $30,000!
If you're paying more than 15% interest on anything, you should
seriously consider a debt consolidation loan. The right terms
could drop your monthly payments by 35% - 50%, depending on
interest rates, origination costs and tax consequences.
Even for people who have bad credit or who have filed for
bankruptcy, a home equity loan is not out of reach. It can be a
good way to make a fresh start. Websites like
www.easyhomeequitymortgages.com/ help borrowers with bad credit
get the home equity loan that best fits their unique situation.
About the author:
Mike Hamel is Senior Writer for Sales and Marketing LLC
(www.salesandmarketingllc.com), an Internet marketing company
offering everything from website development and optimization to
creating and monitoring cost-effective ad programs. Their
specialty is improving visitor-to-sale conversion rates using
proprietary software and advanced SEM techniques.
Mikehamel@salesandmarketingllc.com.
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