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equity bank of nigeria
Home Equity Loans - the smart choice for home owners
There are several loan products available in the market place. The amount of money that you are looking to borrow, your personal circumstances and how much you can afford to pay on a monthly basis dictate what loan type will be best for you. If you own a home and you need to borrow a larger sum of money, a home equity loan seems to be the way to go. There are considerable benefits to this type of loan, provided you have the equity in your home to cover your loan.
Your home equity is the market value of the property minus any outstanding mortgage or other loans secured upon it. The balance is the equity, and with home equity loans you can borrow against this equity. Over the last few years property prices have risen substantially. As a result, homeowners have seen their equity rise also. This equity can be used as collateral to borrow money when the need arises.
What it comes down to, is that a home equity loan permits the home owner to use the added value of the house without having to sell up or move. The security of the equity makes it possible to borrow more money than would be possible with an unsecured loan. The loan can oftentimes be spread out over longer periods of time, and as a result the monthly payments are more reasonable. Be careful, not to spread out the loan too much. If the value of your property goes down during the time of the loan, you loose equity and your loan is no longer fully secured. This could potentially cause problems if you need to repay your loan and/or you are selling your house. The sale of the property may no longer be enough to repay your home equity loan. The balance of the debt needs to be repaid with other means and that could potentially be a problem. Another benefit of a secured loan is the fact that interest rates are lower, as the risk for the lender is less. This, obviously, results in even less monthly payments. Or, if so desired, you can borrow more money without paying more on a monthly basis. In both cases you come out the winner.
About the author:
Karin Boode is the founder of the Loan Info Center, who strives to provide valuable information regarding any type of loan via the http://www.loan-infocenter.com website. She has a special website, dedicated to home equity loans, http://HomeEquity.loan-infocenter.com.
More Useful Resource and Updates on equity bank of nigeria
- 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.
- 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.
- Bernanke says need to do more to halt foreclosures (Reuters via Yahoo! News)
Federal Reserve Chairman Ben Bernanke on Thursday urged more aggressive action to halt home foreclosures, and said write-downs of principal may need to be part those efforts.
- 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.
- Consumer Loan Rates (The Springfield News-Leader)
Springfield financial institutions quoted the following rates Friday for home equity, auto and boat loans. The home equity rate is based on a $10,000 loan or line of credit with applicable points included. Rates are variable unless otherwise noted. Additional fees are not included. The auto loan rate is based on a 48-month contract for a new car. The boat rate is based on a loan for a new boat.
- Proposal could drop mortgage rates to 4.5 percent (San Jose Mercury News)
If Treasury Department approves plan, said one mortgage broker, 'We would have everybody and their brother who had equity in their homes coming to refinance. That would be an amazing influx of loan applications. It would keep things going for a long, long time.' Rates drop to 11-month low Bernanke: More foreclosure help needed Real estate news | Economic crisis news
- Fixed-rate trap snares 43,000 home owners (Sydney Morning Herald)
MORE than 40,000 unlucky people have been caught out in a fixed mortgage rate trap, having taken out their loan at the highest fixed interest rates in a decade, denied any saving from the recent cuts and confronting costly break fees if they decide to refinance.
- SBA: Small banks mitigate business-loan downturn in Minnesota (Finance and Commerce)
The last 12 months produced shudders and slowdowns in one credit market after the other, and the U.S. Small Business Administration?s loan programs haven?t been immune.
- Fed chief urges further steps to halt foreclosures (International Herald Tribune)
Ben Bernanke on Thursday urged more aggressive action to halt home foreclosures, and said write-downs of principal may need to be part those efforts.
- Kiwibank Responds To OCR Cut (Scoop.co.nz)
Kiwibank has reacted immediately to the cut in the Official Cash Rate by reducing all home loan rates. The bank is now offering a one-year fixed rate of 6.49% p.a. and a variable rate of 7.45%.
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