Home Equity
Loans - US
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A home equity loan
is a loan that uses your home as collateral. Your
home equity is the part of your home that you
actually own and this is the guarantee for your
loan.
Your home equity is calculated by
taking the current value of your home and
subtracting your mortgage. For example, if your home
is worth $150, 000 and you have a $100,000 mortgage,
you have $50,000 of equity in your home. A home
equity loan allows you to borrow money using
your equity of $50,000 as security for the loan.
A home equity loan, often
called a second mortgage, reduces your equity or
ownership in your home. Since your home guarantees
your loan, if you default on the payments, you can
lose your home.
There are a number of companies who offer
competitive Home Equity Loans. Remember to
compare Home Equity Loans, as this is a highly
competitive market, and it is well worth shopping
around. Use one of our free
Loan Calculators to
help compare Home Equity Loans.
With a Home Equity Loan you might
end up exchanging low-interest or no-interest debts,
such as medical or utility bills, for a
high-interest home equity loan. Or, you may pay off
a fixed-interest debt with a variable-interest-rate
home-equity loan and find that you lose a lot when
the interest rate increases substantially.
Furthermore, even buying a car with a home-equity
loan might not be a wise move considering the
interest you will pay if you pay over an extended
loan term.
Even more serious is the risk that
the lending institution has the right to take
possession of the house if you cannot meet your loan
payments. Although foreclosure is not a profitable
move for banks, the risk is still there.
It is important to consider that a
home-equity loan opportunity may sound very good and
may be the right solution for some, but for others
it is not a wise decision. Always seek
professional financial advice before taking out any
financial package.
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