Home Equity Loan Education

Latest Guides

  • Home Equity Line of Credit Costs
    When you take out a home equity line of credit, you pay for many of the same expenses as when you financed your original mortgage. These include items such as application fee, title search, appraisal, attorneys' fees, and points (a percentage of the amount you borrow). These expenses can add substantially to the cost of your loan, especially if you ultimately borrow little from your credit line.
  • Borrowing Money on Home Equity
    The equity you've built up in your home since the time of purchase, provides a viable alternative to other types of loans for those with good credit, who are considered financially stable. While you may be eligible to borrow up to 85% of a home's assessed value, less any outstanding amount on a first mortgage, you also need to become familiar with the terms before entering this kind of agreement.
  • Understanding a Home Equity Line of Credit
    If you qualify, you can borrow a maximum amount equal to 50, 60, or even 80 percent of your home's equity value, minus the amount of your outstanding mortgage. Because it works like a renewable line of credit, you have complete freedom of choice when it comes to borrowing with your home equity line of credit.
  • Home Equity Loans
    No one home equity loan is right for every homeowner. The challenge, then, is to contact different lenders, compare options, and select the home equity credit line best tailored to your needs. Be sure to review the home equity contract carefully before you sign it. Watch out for: Loan padding; Balloon payments; Third parties; and Loan flips. Avoid getting scammed.
  • Is A Home Equity Loan Right For Me
    The equity in your home is one of your most valuable financial assets. While a home equity loan is a great resource, it does carry risk. Failure to repay the loan could actually mean the loss of your residence. Make sure that you honestly answer these questions before getting one. Do I really need a home equity loan? Will I be able to repay the loan? Will I be able to keep my other debt down?
  • Your Home Improvement Loan and Finding A Good Contractor
    A home improvement loan lets you use the equity in your home to fix it up. This loan gives you cash up front so that you can afford to make your house look exactly the way you want. Find out who's who among home improvement professionals. Learn how not to get nailed, and how to hire a good contractor. We tell you about checking references, so you'll get the best service for your money.
  • Explaining Equity Loans
    Home equity loans are loans that let you borrow against the equity of your home, which is used as collateral. We show you how to balance need versus security. Learn about equity stripping and hidden loan terms, like balloon payments. We fill you in on common loan-flipping scams. Make the best, most well-informed decision for you and your family.

Latest Blog Posts

  • Careful! A Loan Modification Can Hurt Your Credit
    When foreclosure seems imminent, a loan modification seems like a godsend. The benefit is a mortgage payment borrowers can afford, but the true cost, many are discovering, is a damaged credit score.
  • Top 10 Ways to Pay for Your Wedding
    We all know weddings are about celebrating the love you and your honey have for each other, but let’s face it—they still cost a $!#&@-load. Whether your budget is $2000 or $20,000, explore these ten ways to finance your wedding.