Home Loan Research

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Home equity loan

A home equity loan is a type of loan in which the

borrower uses the equity in his home as collateral.

These loans are sometimes useful for families to help

finance major home repairs, medical bills or college

educations. A home equity loan creates a lien against

the house.

 

Home equity loans are most commonly second position

liens (second trust deed), although they can be held

in first or, less commonly, third position. Most home

equity loans require good to excellent credit history,

and reasonable loan-to-value and combined loan-to-value

ratios. Home equity loans come in two types, closed end

and open end.

 

Both are usually referred to as second mortgages, because

they are secured against the value of the property, just

like a traditional mortgage. Home equity loans and lines

of credit are usually, but not always, for a shorter term

than first mortgages. In the United States, it is sometimes

possible to deduct home equity loan interest on one's

personal income taxes.

 

 

Closed end home equity loan

The borrower receives a lump sum at the time of the closing

and cannot borrow further. The maximum amount of money that

can be borrowed is determined by variables including credit

history, income, and the appraised value of the collateral,

among others. It is common to be able to borrow up to 100%

of the appraised value of the home, less any liens, although

there are lenders that will go above 100% when doing

over-equity loans.

 

Closed-end home equity loans generally have fixed rates and

can be amortized for periods usually up to 15 years. Some

home equity loans offer reduced amortization whereby at the

end of the term, a balloon payment is due. These larger

lump-sum payments can be avoided by paying above the minimum

payment or refinancing the loan.

 

 

Open end home equity loan

This is a revolving credit loan, also referred to as a home

equity line of credit (HELOC), where the borrower can choose

when and how often to borrow against the equity in the property,

with the lender setting an initial limit to the credit line

based on criteria similar to those used for closed-end loans.

Like the closed-end loan, it may be possible to borrow up to

100% of the value of a home, less any liens. These lines of

credit are available up to 30 years, usually at a variable

interest rate. The minimum monthly payment can be as low as

only the interest rate that is due.

 

Typically, the interest rate is based on the Prime rate plus

a margin.

 

See also:

- Borrowing against your home - from Motley Fool website

- Get home equity loan - from Internet

- Putting Your Home on the Loan Line is a Risky Business - from FDIC

- Search internet for home equity loan

- See latest home equity loan rates

 

External Links:

- Refinancing Home Equity Loan

- Bad Credit Home Equity Loan

- Home Equity Loan Interest Rate

- Home Equity Loan Calculator

 

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Thanks for the patience,

Loraf.