Vectors and 3D Models
Local Search - Finance
Weather Information
Get the App for Smartphones and Tablets

Go Back


WhmSoft Free Articles Directory
Free Articles for Reprint
Free Articles to Publish
Free Articles for Newsletters
Videos to Watch


Page Generation Date and Time:
03/19/2024 09:45:51

 
Free the Animation VR / AR
Play to reveal 3D images and 3D models!
Demonstration A-Frame / Multiplayer
Android app on Google Play
 
vlrPhone / vlrFilter / vlrMemos
Project of very low consumption, radiation and bitrate softphones / Multifunction Audio Filter with Remote Control / App to measure the quality of the voice!



 
 
Alexa Data
 

Go To Articles Directory Home Page

To get the current article, - See Below (at the bottom of the page) -.
For top news titles, see below.
Web sites and videos listed in this page are frequently updated.
If you find that this page is useful (quality of web sites, images and videos, ...), you can add it to your favorites.
Bookmark Page !

Tell a Friend:



With your mobile phone (WAP / I-Mode / iPhone / PDA), for free:
The Top News - http://www.whmsoft.net/services/wap/news.php
The Daily Files - http://www.whmsoft.net/services/wap/get.php
All the Directory Files - http://www.whmsoft.net/services/wap/choose.php

Web version of feeds:
Podcast Music - http://www.whmsoft.net/services/web/wpodcast.php
Daily Files - http://www.whmsoft.net/services/web/wget.php

You can play the Guitar Drum Revolution game (flash game) by following the link below:
Play Guitar Drum Revolution Game


You can play free online games (flash games) by following the link below:
Free Online Games

Play the samples below:
Faire Des GateauxViking PuzzlePepsi PinballFleabag Vs MuttBistro Stars
Faire Des GateauxViking PuzzlePepsi PinballFleabag Vs MuttBistro Stars

You can view the people (celebrities) news and the front page news (with videos, images and constant updates) by following the link below:
View Recent News
or by visiting the WhmSoft Service blog:
News Photos Slideshows


Article Keyword Videos to Watch
Finance
Click on the image to start the video.



Related Topics
Images - Links - Articles

Portland


Related Images



Article Category Videos to Watch
Finance
Go to the Videos Pages


Home Equity Loan

The Home Equity Loan, which is another term for second mortgage, lets the borrowers to borrow up to ninety five percent of the home equity accumulated. The home equity loan also allows the borrower to spend on home improvements, debt consolidation, home renovations, vacation getaway, vehicles, investments, college tuitions, or other expenses.

The home equity composes of the appraised value minus amount owe. And, the borrower uses the home as collateral for the loan. The collateral serves as property to guarantee repayment of the loan. In case of default of payment on loan, the lender seizes the property. Most of the time, the loan will be repaid in shorter period of time between five to fifteen years. Rarely, the loan is repaid in thirty years.

For example, the home owner bought a three bedroom house for 0,000 with ,000 down payment. So, the home owner borrows 0,000 (0,000 - , 000). After ten years, the home owner pays off the principal by ,000. He still owes 8,000. At the same time, the appraised value comes to 0,000. Using the amount owe and appraised value, he calculates the equity to 2,000 (0,000 - 8, 000). Eventually, he can borrow up to ninety percent of 2,000.

Types of Home Equity Loan

First Rate Loans give a single lump-sum payment to the borrower. And, he pays the loan on regular set of payment periods over time. The payment amount and interest rate stays the same thru out the life of the loan.

Variable Rate Loans, which is also called Home Equity Lines of Credit (HELOC), offers more flexible on payment. Some loans offer to pay interest only at earlier periods, and pay the principal gradually at later periods. Some loans offer discounted interest rate temporarily at the earlier periods. And, the interest rates fluctuate thru out the life of the loan. Next, this loan works like a credit card. The lender gives the borrower a credit limit. And, the borrower can use up to the credit limit. The main benefit is lower interest rate than normal credit cards.

Cost of Home Equity Loan

The costs are similar to acquire the first mortgage such as appraisal fee, application fee, and discount points. The appraisal fee is paid for the real estate appraiser to estimate the value of the property, while the application fee is paid upon application. The application fee may include property appraisal and credit report. As for the discount points, it is upfront fee to bring the mortgage payment.

There are also closing costs. The closing costs may include attorney, title search, mortgage preparation, and filing fees. Besides the closing costs, there are also recurring costs such as annual membership, and transaction fee. The annual membership fee is paid for the privilege of line of credit, while the transaction fee is paid for each draw on line of credit.

Facts of Home Equity Loan

In a Variable Rate Loans, periodic cap, lifetime cap, index, and margin are important thing to be aware. The periodic cap tells the limit on interest changes. Next, the lifetime cap tells the limit on interest changes on the life of the loan. Another, the index tells how much to raise or lower the interest rate. Finally, the margin tells amount to be added to the index.

Like any mortgage, the loans have terms and conditions. The terms and conditions tells what happen to the property in case of default, how the repayment carries on the life of loan, what penalties puts into action on late payments, or so. The Federal Truth in Lending Act also protects the borrower. The Act ensures that the borrower is inform on terms and conditions, the fees is return on undecided transaction, the borrower allows for three days cancellation, and terms and condition remains the same on life of the loan.


About the Author: Dennis Estrada is a webmaster of mortgage calculators website that gives access to many resources, and calculators for mortgage.




Recommended Web Site(s):

Easy Articles Home Page - Articles Directory

Recommended WhmSoft Web Sites, Feeds and WAP Address:

WhmSoft Software Home Page - Software
WhmSoft Services Login Page - Music and Images
WhmSoft Moblog Home Page - Blog - Photo Gallery
WhmSoft Free Online Games Home Page - Flash Games
WhmSoft Services RSS Feed - Daily Music, Image and 3D Flash Animation
Classical Music with Drum RSS Feed - MIDI and MP3 Files
Classical Music with Drum Podcast Feed - MP3 and MP3 Files
WAP / I-Mode / PDAs - Daily Music, Image and Flash Animation

Home Pages:

WhmSoft Free Articles for Reprint Home Page
WhmSoft Services Home Page - Music and Images
Copyright (C) 2006-2024 WhmSoft - All Rights Reserved.