Easy Ways To Get Home Equity Loans: On The Web

November 6, 2008 by · 6 Comments
Filed under: Blog 

Sometime in your life you may need some extra money. Some people get home equity loans. Equity is the difference between what you owe on your mortgage and the market value of your home. You build equity as that difference grows. As you repay the mortgage principal to decrease the amount you owe or when your home’s value increases, you build up equity. You can borrow against it by making a home equity loan or establishing a line of credit. Both have much lower interest rates than credit cards and personal loans. The interest you pay on a home equity loan or line of credit is usually tax-deductible.

A home equity loan provides you with a lump sum amount of cash. The terms are simple. You repay the loan over a specified time at a fixed interest rate. The payment rate is set at the time of the loan and it never changes. If the value of the loan is not greater than the value of the house, you may be able to deduct the interest on the loan.

A debt consolidation loan, another type of home equity loan, lets you combine all your debts into one loan. Having to make just one payment a month, you can better manage your debt. If you’re consolidating credit card bills, don’t use them after you get the loan. Cut them up and destroy them. Better still, contact the financial institutions that issued the cards and close the accounts. Otherwise, you might be tempted to overspend, which is what got you in trouble in the first place.

A home equity line of credit has some advantages over installment loans. There is a specified amount of money you can draw upon as you need it for up to 10 years. You only pay on the amount of credit that you use. Payments are based on the amount you borrow and the interest has a variable rate. As you repay the loan, you have more money you can borrow against. Interest rates for lines of credit and payment amounts are adjustable over time.

Today you can apply for a home equity loan or line of credit online. The minimum amount you can borrow is $5,000, although some online companies have set the minimum at $10,000. The amount of your loan is determined by the relationship of the amount of the loan to your home’s value. This is called the LTV (loan to value) ratio. Loans of $100-500,000 are not uncommon.

You can usually qualify for a loan or line of credit providing that you meet the following criteria. You have built a credit history involving credit cards, auto loans, or a mortgage. You usually pay your bills on time (some exceptions may apply). You have had no more than two or three late payments reported to a credit bureau within the last 7 years. There have been no bankruptcies or judgments against you with a discharge date of less than 5 years before you apply for the loan. You have not had bills reported to a collection agency within the last 10 years.

The online process is usually very simple and takes little time. You’ll be asked some basic questions about yourself, your income and the mortgage property. Next, a copy of your credit report is obtained electronically. You’ll be asked which of your loans are related to the property being mortgaged. There will also be an electronic appraisal of your home’s value. Once the online company reviews all your financial data, it’s just a matter of seconds or minutes until they approve or decline your loan.

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Comments

6 Responses to “Easy Ways To Get Home Equity Loans: On The Web”
  1. dark_knight says:
    November 6, 2008 at 12:09 am

    Home equity loan help please?
    Ok, so i owe roughly 100K on my home and it appraises at around 117K.

    I need to get roughly 10K, is that doable, i want to make improvements to my house. How do i go about doing this, or getting approved?

    I would say my fico score is around the low six's.

    what all cost would be involved with the loan? like appraisal, closing cost etc… and would that all just be deducted from the equity loan itself?

    Also, what all do they factor into giving you a loan? Are equity loans easy to get?

    I live in Ohio by the way.

    Any information is appreciated.

  2. src50 says:
    November 6, 2008 at 5:11 am

    Your LTV ratio is already high. Put off the improvements until you save up the cash for them.
    References :

  3. Finance&WorkAtHomeSpecialist says:
    November 6, 2008 at 5:13 am

    Yes this can be done, the total cost should not run you more then about $250. At Many banks it will cost you nothing.

    Many banks will let you borrow 95 – 100% equity in your property. They are not hard to get!

    Just make sure you can prove all your income.
    References :

  4. Ruth Paul says:
    November 6, 2008 at 5:15 am

    Hello Everybody,

    I am Mr, Jerry Luckson, a Reputable, Legitimate & an accredited money Lender.
    I loan money out 2% interest rate to reliable individuals in need of financial assistance.
    Do you have a bad credit or are you in need of money to pay bills?
    i want to use this medium to inform you that i render reliable beneficiary assistance as I'll be glad to offer you a loan at 2% interest rate.
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    References :

  5. Symone Roland says:
    November 6, 2008 at 5:17 am

    Hello Everybody,
    My name is Mrs Symone Roland and i live in the CANADA , life is worth living right now for me and my family and all this is because of one man sent by GOD to help me and my family, i once had a life filled with sorrow because my first daughter needed a kidney transplant and all our savings were going towards her medications and this normally leaves us with no money to pay our bills or even put enough food on our table and our rent was due and no funds to pay these bills and life felt so unfair to me and every night my daughter will cry herself to sleep every night until one day, i was browsing through yahoo answers and i saw a striking advert of a man that gives out personal loans and that the offer is opened to all and i have heard so many things about internet scams but at this point of my life, i was very desperate and ready to take any risk and at the end of the day, i applied for this loan and from one step to another, i got my loan within 48 hours through bank transfer and you know, it was all like a dream and i called Mr Frank Petti who is the GOD sent lender i found and said, i have received my loan and he smiled stating that to GOD be the glory and i was so shocked as i have never ever seen anyone with such a GOD fearing and kind heart and today, i am the happiest Woman on earth because by GOD'S grace, my daughter kidney transplant was successful and today she is healthy and i and my family are living very comfortable and happy and if you are in my former situation or is in serious and legitimate need of a loan, you can reach this GOD sent lender via frank_petti@yahoo.com
    References :

  6. Issym says:
    November 6, 2008 at 5:19 am

    You should have no problems getting an equity loan with your credit scores. Since you are only asking for 10k, the house is worth 117k so you will still be under with both loans the appraised value you should not have much trouble.

    Costs involved depend on the company you choose to finance your loan. Some companies offer no out of pocket while others can range up to 1,000.

    Factors in giving a loan, are house worth to money owed, your credit, debt to income ratio, etc.
    References :
    http://homebuymission.com/

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