Guide to Home Equity Loans
- By:
- Catherine Brock - MortgageLoan.com
CHAPTER: 1 Introduction to Home Equity Loans
Remember the day when you purchased your home? You signed away your life so that a mortgage lender would hand over lots of money. That nervous moment was the beginning of your home equity journey.
CHAPTER: 2 Home Equity Lending Lingo
The language of lending can be a little off-putting, because most people aren't familiar with the terms. To keep you from stumbling over these concepts, we've defined the most important ones:
CHAPTER: 3 The Home Equity Family Tree
This isn't the kind of tree that grows into a seemingly endless network of twigs and leaves. Home equity loans are simply two branches of the second mortgage tree, and come in two types: a fixed-rate loan and an adjustable-rate line of credit.
CHAPTER: 4 Choosing the Right Home Equity Financing
Which second mortgage loan is right for you? You could go with the old eeny-meeny-miny-moe approach, but that's not advisable. Selecting the right debt instrument is a crucial decision, one that can make or break your financial future. Fortunately, answering two simple questions readily reveals the right choice: How do you plan to use the money, and how do you plan to pay it back?
CHAPTER: 5 Funding a Home Equity Loan
You've made it through winding trails of information, past the family tree, and you're ready to drive on the road to funding. Here are some pit stops on the way to your final destination-having cash in hand.
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National Rates
| Loan Type | Today | +/- |
|---|---|---|
| 30 yr fixed | 3.84 |
|
| 15 yr fixed | 3.09 |
|
| 5/1 ARM | 2.66 |
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