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The Basics of a Home Equity Loan

In general, the basics of a home equity loan are quite simple. A home equity loan is a loan secured against the equity of your home. The lenders will measure the equity amount of your home, by looking at how much of the mortgage remains (if any) and what the current value of the property is. Most high street lenders are happy to lend money of up to 75% of your homes equity. Similar to a mortgage, the loan will usually run for 10 to 25 years and have a rate of interest applied.

In most cases, a home equity loan is seen as a second mortgage. It will run along side your original mortgage and be paid in the same way. The more common reasons for taking out a home equity loan include home improvements, purchasing a second home or debt consolidation.

In fact, most lenders are now aggressively pushing their debt consolidation products. This has become a growth area in recent years, mainly due to people over spending on their credit cards. A home equity loan will allow the borrower to pay off all existing debts and loans and spread the low monthly payment across a number of years. Most banks are very happy with this situation as they are exchanging unsecured debt for secured debt. The security of course is the equity in your home.

If youre considering a home equity loan, there is one very important point that you should be aware of. The loan is secured against your property, if you fail to make repayments there is a very real chance of you losing your property.

Adam Jackson of http://www.besthomeequity.net is a home repair expert striving to bring you the best free home repair and improvement information on the web.

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More Useful Resource and Updates on dallas fha home loan

• Expert: Don Taylor, Ph.D., CFA, CFP (Bankrate.com)
  Dear Dr. Don, I have a $170,000 home equity line of credit with Bank of America that is currently completely drawn. I have $100,000 in my bank account and would like to pay down my HELOC with these funds.



• NJ man gets 12 years in bank fraud scheme (phillyburbs.com)
  TRENTON, N.J. - A New Jersey man has been sentenced to 12 years in federal prison for his role in a scheme involving millions of dollars in fraudulent home equity and business lines of credit.



• Bernanke urges action to halt foreclosures (Reuters via Yahoo! News)
  Federal Reserve Chairman Ben Bernanke on Thursday urged more aggressive steps to halt home foreclosures and said government-funded programs could help strapped homeowners.



• Opening the tap on home equity (Austin American-Statesman)
  Borrow before credit line is frozen, some suggest. Many homeowners who have taken out home equity lines of credit have learned in recent months that these loans are not as useful as they initially seemed.



• Pioneer Natural, Cabot Oil, Casey?s, Copart: U.S. Equity Movers (Bloomberg)
  Dec. 4 (Bloomberg) -- The following companies are having unusual price changes in U.S. trading . Stock symbols are in parentheses, and share prices are as of 3:25 p.m. in New York.



• UK house prices fall 2.6% in November (Financial Times)
  Average UK house prices fell by 2.6 per cent in November from the previous month, according to the Halifax house price index published on Thursday, wiping out gains on home equity earned since July 2005.



• Pioneer Natural, Cabot Oil, Casey?s, Copart: U.S. Equity Movers (Bloomberg)
  Dec. 4 (Bloomberg) -- The following companies had unusual price changes in U.S. trading . Stock symbols are in parentheses, and share prices are as of 4 p.m. in New York.



• Home Equity ID Theft Ring Points To A Bigger Problem (Blogcritics.org)
  Was it too easy for a multi-national gang to steal millions in home equity? On Monday, Federal authorities informed the public of a series of arrests where identity theft was used to steal the equity out of homes. I guess we've already lost so much money in the mortgage crisis, they figured it wouldn't matter? The four arrested on Monday were Derek Polk, Oluda Akinmola, Oluwajide Ogunbiyi, and ...



• Banks Adjusting Home Equity Loans (FOX 31 Denver)
  During this financial crisis, have you checked your home equity line of credit? How about your business line? You might be shocked to learn that banks are now taking back money they've already loaned...in some cases, without warning. FOX 31's Heidi Hemmat reports.



• Five Home-buying Myths (Carteret County News-Times)
  (ARA) - As first-time homebuyers grow curious about the home-buying process, they often turn to friends and family for advice about purchasing a home. While these sources can provide useful tips and information, they also may perpetuate some common home-buying myths.

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