Now more than ever, it is easier to find equity loans as lenders and brokers team up to sell more equity loans, credit lines and mortgage loans. Home equity loans are a good alternative way to pay off the high interest rates on credit cards, home building material as well as school fees.
Credit lines are more geared towards getting cash extended for up to ten years, similar to a credit card. Not many banks offer these however others allow their clients to use the credit line facility. By contrast, refinancing releases cash on a home in order to increase its equity value.
One needs to look at the rates offered by various lenders to decide which option is better. While some lenders offer an interest rate of 5.74% on their home equity loans, refinance lenders offer one percentage point less to help homeowners decrease the high interest rates on a pending mortgage loan.
The purpose of the loans is to change the terms of a mortgage loan by turning the loan into a lower payment plan. The homeowner may use the loan to either consolidate his debts, or alternatively to replace an old loan.
When looking for a loan, be careful of online brokers who offer to...
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