Home Equity Loans FAQ
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Frequently Asked Questions about Home Equity Loans
Home equity loans are nothing but a kind of personal loan where you use the equity in your existing home as collateral for taking a loan. Home equity is a part of your home only, the home that you own and this is used as the guarantee for a loan. When you apply for a home equity loan, the loan amount is calculated based on the current value of your home. The amount of existing mortgage loan if any is subtracted while calculating the amount for home equity loans. These loans are also known as a second mortgage in the home loan market. These loans are a very good option for taking a low-interest loan to meet your immediate financial requirements or for debt consolidation. The main rather only risk factor associated with such loans is that if at given point in time, you make default in your payments then in all probability, you might end up losing your home. Here are some important aspects of home equity loans.
Facts You Didn’t Know About Home Equity Loans
You might be thinking how the loan amount for home equity loans is actually calculated. Let us look at an example. Say, your home is worth $200,000 today and the amount of existing mortgage is $150,000 then the remaining equity for your home is $50,000. Therefore, in a home equity loan, you can borrow up to $50,000 by offering your home as a security.
Now let us look at the various types of home equity loans. The first one is the standard home equity loan. It is also known as the term loan or second mortgage installment loan. In this type of loan, you get the loan amount at a fixed interest rate and you have to make the repayment on a monthly basis for the loan duration. For example, the monthly repayment for a home equity loan for $30,000 at 7.5% would $356.11 for a period of 10 years.
The main advantage of a home equity loan is that it has a low interest rate than other loans. The interest rate on these loans is lower because of the low risk for the lender owing to the fact that they have your home as a security for the loan. The other advantage for home equity loan is the tax advantage. The interest that you would be paying for home loans on the initial $100,000 is tax deductible.
A home equity loan does not mean that you can use it only for purchasing a new home or for home improvement purposes. It can be used for anything from debt consolidations to education. You can also utilize the home equity loan to pay for medical expenditures or any other way you deem fit. Most lenders will let you borrow at least 80% of the value of your home minus the mortgages, while some lenders can also go as high as 125%. However, always remember not to use the home equity loan for car financing and other luxuries. Save a penny for the rainy day!
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