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2nd Mortgage or Home Equity Loan
Homeowners often group 2nd mortgages and home equity loans into the same category. While 2nd mortgages are a type of home equity loan, other
equity options also fall under home equity loans. For example, when choosing a home equity loan, homeowners may opt for a home equity line of
credit (HELOC). If deciding to tap into their equity, homeowners must choose the best option, a 2nd mortgage or home equity loan.
What are 2nd Mortgages?
When opting for a 2nd mortgage, homeowners receive a fixed amount of money. Similar to the initial mortgage, a 2nd mortgage has a fixed
repayment period. Sometimes, 2nd mortgages are confused with mortgage refinancing; however, the two processes are very different. A refinancing
creates a new home loan to replace the old, whereas a 2nd mortgage creates a second lien on the property.
Homeowners have the option of selecting a 2nd mortgage with a 15 or 30 year term. The majority of 2nd mortgages have fixed rates. Yet, it is
possible to obtain a second mortgage with a variable or adjustable rate.
Before applying for a 2nd mortgage, bear in mind that these mortgages tend to have a slightly higher rate than 1st mortgages. Similarly, rates
are determined by an applicant's credit history.
What is a Home Equity Loan?
Home equity lines of credits are not loans. Moreover, homeowners do not obtain a fixed sum in one lump payment. Instead, these credit accounts
consist of an open line of credit. This is comparable to a credit card. In fact, debit or credit cards are often used to withdraw funds from a
home equity line of credit.
The credit limit on a home equity line of credit is based on the appraised value of your property. Usually, lenders will not approve a line of
credit for the full appraisal value. Rather, homeowners with a good credit history may be able to obtain a revolving credit for up to 75% of the
home's worth.
Home equity lines of credit benefit homeowners who want the freedom of withdrawing funds on an as needed basis. On the other hand, second
mortgages are generally more suited for individuals who require a one-time lump sum of money.
Go to http://www.homeequitywise.com for more information about Second Mortgages and Home Equity Loans.
More Useful Resource and Updates on florida home loan quotes
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
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