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A Guide to Finding Home Owner Loans
If you're in the process of trying to find home owner loans with a good interest rate and acceptable terms, you'll likely find that there are a variety of options available to you. As long as you have sufficient equity in your home to secure the...
Instant Loans - For The Needs That Cannot Wait Long For Approval
Your last experience with loans was really disappointing. You
had to literally struggle to get the loan proceeds sanctioned.
Thatswhy, this time round you have planned to take an instant
loan. In fact, the needs this time is such that can be...
Parent Loans or Student Loans – what is going to be best for my child?
Parent Loans or Student Loans – what is going to be best for my child? At least 20% of college students need some type of loan to help pay for their college education. Such a statistic can lead to students graduating with an unmanageable debt load....
Refinancing Student Loans
Many students and graduates are facing with struggling to repay
their student loans. They have to refinance it in order to lower
their monthly payments. Refinancing student loans can be a good
idea under certain circumstances, but not always. As...
Student Loans: The Life Preserver Of Our Education System
A loan is the reason many students are able to go to college and not have to worry about money until after they've graduated. There is a lot of paperwork involved in the application process of a loan, but once you've completed it and been accepted,...
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Home Loans and Mortgages – Time to Consolidate Loans?
Home equity loans and lines of credit are useful tools for homeowners. They allow the homeowner to borrow against the value of his or her home for all kinds of purposes – home improvement, debt consolidation, vacations, and more. The loans, backed by the value of the house itself, come with attractive interest rates and the added bonus of tax deductible interest. That interest, however, is often variable, adjusting up and down with changes in market conditions. At the moment, conditions are such that interest rates for adjustable rate loans are increasing while rates for fixed-rate loans are still fairly stable. This is probably a good time for homeowners with variable rate equity loans to consider consolidating their primary mortgage and home equity loan into a single entity.
The ideal candidate for such a consolidation would be a homeowner who has a variable rate home equity loan, rather than a line of credit or an equity loan at a fixed rate. A line of credit is sort of a revolving loan, with an amount that may be drawn, as needed, time and again, much like a credit card loan. A home equity loan would represent a fixed amount of money borrowed for a specific length of time. To consolidate a home equity loan and a primary mortgage, the home would have to be refinanced with a new mortgage issued for the combined amounts of both loans. There are costs associated with this, so homeowners should consider the following:
Refinancing costs – It may cost several thousand dollars to combine two loans into one. A
home appraisal will be required, along with paperwork fees, filing fees, and possible points paid at closing. A homeowner should make sure that he or she will remain in the home long enough to offset the additional costs of refinancing, otherwise the savings of consolidation are lost.
Interest rate on the primary mortgage – If you have financed or refinanced your home during the last three years, your primary mortgage rate may already be lower than the rate you could get today. You don’t want to raise your overall interest rate just to consolidate the smaller amount of money from a home equity loan.
The amount of money owed on the home equity loan – The larger the amount of money owed on the equity loan, the greater the benefit of consolidation. You wouldn’t want to refinance your home over an equity loan balance of $1000, but you might want to do so if the balance is $50,000.
Market conditions change regularly, but now is a good time for anyone with a variable rate home equity loan with a considerable balance to consider consolidating the equity loan and the primary mortgage into a single loan. If you aren’t sure if you can benefit from this, you may wish to consult with your lender.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including HomeEquityHelp.com, a site devoted to information regarding mortgages and home equity loans .
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