Home Equity Loans
SPECIAL ANNOUNCEMENT:
The rates on home loans are coming down as the Fed slashes short-term borrowing cost. Now is the prime time to buy a home or refinance your mortgage. Do not miss this opportunity to get a great rate! Scroll down to get your Free loan quote NOW while these excellent rates are still available.
What Is A Home Equity Loan?
A home equity loan allows you to take advantage of the equity you have in your home. The loan can be in the form of either an open line of credit with an adjustable interest rate or a closed end loan with a fixed interest rate. Home equity loan proceeds can be used for debt consolidation, home improvement, college education, investments and more. Unlike credit cards, consumer loans and auto loans, the interest you pay on a home equity loan is tax deductible, in most cases. A home equity loan can help you get your financial situation under control.
Where Do I Get A Home Equity Loan?
Most lenders have stopped making home equity loans due to the subprime mortgage market meltdown. The few lenders that still offer these loans have very strict credit requirements and in most cases you will have to have stellar credit.
The Department of VA does not offer a home equity loan program. What they do offer is a cash-out refinance mortgage loan. The cash-out refinance loan allows you to refinance your current mortgage for up to 100% of the property's appraised value. You are allowed to get cash back which you can then use to consolidate bills just as you would do with a home equity loan. For more information on the VA Cash-out Refinance program Click Here.
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