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Home
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The
LowerMyBills Insider's Guide to... |
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Home Equity Loans |
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Home Equity
Basics |
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Understanding the
basics of home equity is the first step to choosing the right loan for
your needs. |
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Shopping for a Home Equity Loan?
Allow LowerMyBills to do the shopping for you!
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How Much Should I Borrow? |
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As with any loan
or line of credit, your first consideration should be "is it
worth it?" A Home Equity Loan uses your home as collateral, so
if you can't make the monthly payments, you put your home at
risk. Never agree to a Home Equity Loan if you don't have enough
income to make the combined payments on your mortgage and the
new loan. |
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Once you decide
that you would like a Home Equity Loan, you should find our how
much you are eligible to borrow and how much it will cost to
close the loan. You may be eligible for up to 100% of your
home's appraised value, minus what you owe on your first
mortgage and second mortgage, if applicable. If you have a
higher credit score, and are a better risk for the lender, you
will be eligible for a greater percentage of your home's
appraised value. |
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Loan Amount - Example: |
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Appraised value of home |
$200,000 |
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Maximum amount that can be borrowed
(85% of $200,000) |
$170,000 |
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Less existing mortgage balance |
-$120,000 |
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Available amount for
HELOC / home equity loan |
$50,000 |
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*Varies by credit history, 70-125% |
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In considering the actual
credit line or loan amount, the lender will judge your ability to repay
by looking at your credit history, other financial obligations, and your
income-to-debt ratio. |
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Shopping for an Equity Loan?
Allow LowerMyBills to do the shopping for you!
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DOWNLOAD A COPY OF THIS
GUIDE IN .PDF FORMAT |
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Other
Sections Within this Guide |
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LowerMyBills in the Media |
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Looking to save money on
more than just home equity loans? Shop for financial services on DebtConsolidationLoan.com,
like home loan financing,
debt consolidation loans
and second mortgages. Also read up on making better consumer
finance decisions in the consumer information library. |
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LowerMyBills, Inc. is not acting as a lender
or broker. The information provided by you to LowerMyBills is not an
application for a mortgage loan, nor is it used to pre-qualify you
with any lender. |
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HomeEquityLendingInfo.com is a web
property of
Infinamic, Inc., an Indiana-based marketing and
web development firm. Infinamic, Inc. is not a mortgage broker or
lender, nor does it engage in mortgage lending, brokering or
collection of borrower information. Furthermore, Infinamic, Inc.
does not share in the origination fees or points charged by any
lenders or brokers. Infinamic, Inc. operates
HomeEquityLendingInfo.com as an affiliate marketing portal
for LowerMyBills, Inc. and derives revenue strictly from affiliate
marketing fees. |
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States home equity loan services are
available in:
AL
AK
AZ
AR
CA
CO
CT
DE
FL
GA
HI
ID
IL
IN
IA
KS
KY
LA
ME
MD
MA
MI
MN
MS
MO
NE
NV
NH
NJ
NM
NY
NC
ND
OH
OK
OR
PA
RI
SC
SD
TN
TX
UT
VT
VA
WA
D.C.
WV
WI
WY |
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Copyright © 2002-2007.
Infinamic, Inc. and its Licensors. All Rights
Reserved. |
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