This blog is about Hawaii and other tropical places in the world as well as a health blog. This blog is what I do for myself to control my friends and relatives acid reflux, ulcer and gout. I am not a doctor and claim no medical expertise. What works for others may not work for you. Information found on this blog should only be used after exploring the safety of the information. Blog owner will not be held liable for the use of any information found on this blog.

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Friday, February 12, 2010

the best online home equity loan


Shopping for homeequity loan is easy online. There are lots of competative you can choose. It is also very convenient not having to meet with the salesman face to face and sugarcoat the deal.

A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral .If you already have a home equity loan, you can refinance the loan to lower or fix your interest rate, lower your monthly payments, receive a shorter loan term that will pay off more quickly, avoid a balloon payment, or simply receive more cash.
In addition to receiving the cash you need for the things you want, a Chase home equity loan also offers benefits that make it a smart choice all around, including




A home equity loan (sometimes abbreviated HEL) is a type of loan in which the borrower uses the equity in their home as collateral. These loans are sometimes useful to help finance major home repairs, medical bills or college education. A home equity loan creates a lien against the borrower's house, and reduces actual home equity.

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.

There is a specific difference between a home equity loan and a Home Equity Line of Credit (HELOC). A HELOC is a line of revolving credit with an adjustable interest rate whereas a home equity loan is a one time lump-sum loan, often with a fixed interest rate.

When considering a loan, the borrower should be familiar with the terms recourse and nonrecourse loan, secured and unsecured debt, and dischargeable and non-dischargeable debt.

US traditional mortgages are usually non recourse loans. "Nonrecourse debt or a nonrecourse loan is a secured loan (debt) that is secured by a pledge of collateral, typically real property, but for which the borrower is not personally liable."[ A US home equity loan may be a recourse loan for which the borrower is personally liable. This distinction becomes important in foreclosure since the borrower may remain personally liable for a recourse debt on a foreclosed property.

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