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7 Smart Ways to Maximize Home Equity Loans

Home equity loans take advantage of the equity in the borrower's home; equity is the difference between the fair market value of the home minus the current mortgages on the property. The loans may take different forms, a home equity line of credit in which case the money is available but no interest is charged until the money is used. Another choice is a home equity loan where all the funds are released up front at the time of closing. The loans may be for a fixed period of time at a fixed rate or an adjustable rate (ARM). With a fixed rate mortgage, the interest is the same rate for the period of the loan. Adjustable rate loans usually have a lower initial rate but are tied into an index (prime interest rate) plus a point or two after the initial lock in rate period.

1- They can be used to consolidate high interest credit card debt. The maximum rate on adjustable home equity loans are usually below the credit card rates. Credit cards can have interest rates as high as 21%. The maximum on ARM home equity loans is between 11% and 12%.

2- The funds can be used to reduce or pay-off the balances of negative amortization interest only second mortgages. In a negative amortization the minimum payment of interest is less than that earned by the lender and the unpaid interest is added to the mortgage.

3- The home equity loan, if used to consolidate bills, will provide lower monthly payments.

4- The interest rate on a home equity loans is usually less then the rate on an unsecured equity loan. In an unsecured home equity loan, the total loan exceeds the fair market value of the property. The lender will require a higher credit score and interest rate.

5- Home equity loans can be used to pay off revolving credit debt.

6- The borrower can access cash which may be used for any purpose, home improvements, education, vacations, etc.

7- The interest on home equity loans is almost always tax deductible. The amount of the tax deduction depends on the borrower's tax bracket. A tax professional should be consulted to determine whether or not the loan is deductible.

When you compare home equity loans make sure you are comparing fixed rate loans with fixed rate terms. And if you are comparing home equity credit lines, then remember to compare the prime rate margin after the introductory period. Keeping your loan shopping on fair playing grounds for the brokers and lenders will help you get a great loan within a reasonable time-frame.

Mary is published web author for many mortgage and real estate articles. She writes articles for people all across the country in an effort to increase their awareness for home finances. You can read more of her home equity lending articles online at BD Second Mortgage & Home Equity Loans. To get more equity loan advice & finance tips, please contact the loan team to learn more about program updates and the approval process for home equity lines of credit and 125% home equity loans.

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More Useful Resource and Updates on visa plus fist equity bank

• Report: Homeowner equity sinking (Pioneer Press)
  Falling home values have left nearly 52,000 mortgages in Minnesota in a negative-equity position, meaning the homeowner's debt is greater than the estimated value of the property.



• Home equity is gone for many mortgage holders (Seattle Times)
  Almost 8 percent of Washington homeowners owe more on their mortgages than their home is worth, and another 11 percent are close to being in that position, a new report shows. It also reveals that almost a quarter of all U.S. mortgage holders are in danger of having no home equity ? because they bought recently with little or no money down, or because refinanced to take out equity or because ...



• Misery Loves Company: Negative Equity Edition (Time Magazine)
  Almost half of all mortgage holders in Nevada now owe more than their house is worth. Mindboggling to think about.



• 1 in 4 homeowners in state lost their equity (Orange County Register)
  27% of California homeowners with a mortgage had no equity in their home.



• Buying a home? 12 places to find money for a down payment (ABC 2 Baltimore)
  The mortgage crisis has made it more difficult for home buyers to get a mortgage, and bigger down payments are becoming the norms. Here are 12 places to look for...



• Chicago's Skyscraper Swagger Fades as Trump Extends Tower Loan (Bloomberg)
  Oct. 31 (Bloomberg) -- The credit crunch has made even Chicago, birthplace of the skyscraper, inhospitable to high-rise construction. Just ask high-profile developer Donald Trump . He's been forced to hit up his bankers for extra time to pay back a loan used to finance the 92-story Trump International Hotel & Tower Chicago . Progress on the world's tallest residential building, the Chicago ...



• Your Shrinking Home Equity Line of Credit (News On 6 Tulsa)
  Do you know how much you really have available on your home equity line of credit? Increasingly, Americans cannot be sure.



• US mulls up to $600 billion in home loan guarantees (The Economic Times)
  US regulators work on a new federal programme that could provide govt guarantees for up to $600 bn of home mortgages.



• U.S. mulls up to $600 billion in home loan guarantees (Reuters via Yahoo! News)
  U.S. regulators are working on a new federal program that could provide government guarantees for up to $600 billion of home mortgages to help prevent foreclosures, a source familiar with the discussions told Reuters on Wednesday.



• Opening the Tap on Home Equity (New York Times)
  Lenders are cutting back on homeowners? credit lines or freezing them altogether.

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