Equity Loan
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From Wikipedia, the free
encyclopedia An equity loan
is a mortgage placed on real estate in exchange for cash to the borrower.
For example, if a person owns a home worth $100,000, but does not currently
have a lien on it, they may take an equity loan at 80% loan to value (LTV)
or $80,000 in cash in exchange for a lien on title placed by the lender of
the equity loan.
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Many lending institutions require the borrower
to repay only an interest component of the loan each month (calculated
daily, and compounded to the loan once each month). The borrower can apply
any surplus funds to the outstanding loan principal at any time, reducing
the amount of interest calculated from that day onwards. Some loan products
also allow the possibility to redraw cash up to the original LTV,
potentially perpetuating the life of the loan beyond the original loan term.
The rate of interest applied to equity loans
is much lower than that applied to unsecured loans, such as credit card
debt. The reasoning behind this is that equity loans involve collateral, and
credit card debt does not.
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More related links about
Equity Loan
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Wells Fargo offers home
equity and home
loans for
renovation and remodeling.
https://www.wellsfargo.com/equity/
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home
equity loan -
definition of home
equity loan - A loan secured by a primary residence or second home
to the extent of the excess of fair market value ...
www.investorwords.com/5607/home_equity_loan.html
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Perhaps you enjoy learning about up to
date and appealing things? If so, in that case this house
equity loan
search piece of writing should be straight up ...
www.ihouseequityloan.com/
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Remodel. Repair. Increase your home's
value. The right home
equity loan or line of credit makes it possible. Chase loans let
you take advantage of the ...
https://www.chase.com/ccp/index.jsp?pg_name...equity/...equity
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A home
equity loan may
offer you the financial flexibility you need. Learn about the various
uses and types of home
equity loans.
home.howstuffworks.com/real-estate/home-equity-loan.htm
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E-LOAN offers high interest rates on
savings accounts & CDs. Compare rates on home mortgage, refinance, home
equity loans, car
loans, & student loans.
www.eloan.com/ - United States
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