Types of Mortgage
Loans
To Apply - Click on the loan of interest
Debt Consolidation
Loan allows you to combine all your debt into one lower
monthly payment. The benefit to you is that you can free up extra
cash for personal needs. This type of consolidation is done by way
of a home equity or refinance loan.
Home Equity Loan
or Home Equity is the difference between what your house is
worth and how much you currently owe (balance on your mortgage
loan).
You can borrow the equity in your home for a variety of purchases -
such as: home improvements, car or motorcycle, weddings, college
tuition or a family vacation. You may also use it to consolidate
high-interest credit card debt. Furthermore, the interest on home
equity loans and lines of credit is often tax-deductible. Consult
your tax advisor for more details.
A home equity loan is a separate loan
from your existing mortgage payment because of this most home equity
loans are granted in 5-7 days.
Equity line or a Home
Equity Line of Credit is a revolving line of credit that
works like a credit card. You use the money as you need it, repay
all or a portion of it and use it again as often as you’d like. You
only pay interest on the amount you use, and the interest rate will
fluctuate according to financial market conditions. Most banks do
not charge closing cost with this type of mortgage loan.
Home Improvement Loan
= If your planning to do some renovations around the house, but not
quite sure how best to finance them? There are several types of
loans available, including, home equity, home equity lines of credit
(HELOCs), home improvement, FHA Title 1 and cash-out refinancing.
The Title I loan is for individuals requiring funds for home
improvement, but who have little or no equity in their property or
who live in a state where equity loans are very limited. If you have
some equity in your home you may want to consider refinancing for
your home improvements. Title I loans bear a higher interest rate
than other loan types available.
Refinance Loan
allows you to lower your First or Second Mortgage rate and thereby
can save you tons of money. Refinancing can be used to reduce your
interest rate, change the term of your loan, or to consolidate your
debts.
