February 11, 2008

home equity loans

Buying a home can be stressful and exciting at the same time but, finding the right mortgage that suits your needs is another story. For those who are looking for the best home equity loans, visit Mortgagefindersnetwork.com. Mortgage Finder Network are specializing in finding the best home equity loans regardless of your locality. Home equity loan can be either fixed rate or adjustable rate and like most other loans, home equity loans have advantages and disadvantages too.

Here's a list of advantages of home equity loans:

1. tend to have lower interest rates than credit cards and consumer loans.

2. offer significant tax savings because the interest you pay is tax decutible up to $100,000 or the equity value in your home, which ever is less.

2. can be used to consolidate other debt with higher interest rates, finance weddings, pay college tuition, or purchase other expensive items.

While disadvantages are as follows:

1. your home is pledged as security for the loans. In other words, it is a collateral and if you can't pay the loan then you may lose your home.

2. if the loan has a variable interest rate then it will change as the economy changes. This means your monthly payments can increase or decrease. Find out what the cap is on the loan you're getting. The cap rate sets a limit on how much your interest rate can change each year.

3. as with everything else, there are fees involved. Make sure you know all the fees included such as the origination, application, and withdrawal fees.

Home equity loans made easy with Mortgage Finders Network. If you are interested, thier website provides
you with lots of informations concerning different types of loan financing such as: mortgages, refinancing and home equity. Just be sure to make research and compare all loan types to get the best rates that suits you.

No comments: