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A home equity loan is a
type of loan in which the owner of the property borrows money and uses
the equity of the property as collateral. Generally these loans are
used for major financial expenses such as home remodeling, additions,
home repairs, medical bills, weddings or college education.
Home Equity Definitions
1) Home Equity: the money value of a property in excess of any claims
or liens against it.
2) The Value of a property above and beyond the amount owed on it.
Example: The current market value of your home is
$200,000 and your current mortage is down to $150,000. The "Home
Equity" is $50,000.
Choosing a Lender
Lenders
competing with one
another drives down interest
rates. A lender would rather get 3% than 0%. This fact presents
such a huge advantage to nationwide lenders (and consumers) some
lenders even tout it as their slogan. The obvious example is .
No
wonder why they are the leading online lending and realty services
(mortgages, home equity loans, refinancing) exchange that empowers
consumers - With the obviously trueful slogan... "When Banks Compete,
You Win". They have coverage in all 50 states and hundreds of lenders
competing for your business and can give you an offer within minutes.
Try to get that at your local bank!
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