Testimonials

"Being a first time home buyer is a very interesting situation. You hear rumors or what you need to do and what you need to avoid. It's hard to decipher which information is good and which information is just babble. When pairing up with 800775LOAN.com I quickly learned that they are top notch and really understand today's market. In a market that changes every single day with laws, rates, and conditions it's important to have someone that is really on your side. The skilled, trustworthy, and knowledgeable staff at 800775LOAN.com made our home buying experience a breeze. I did not have to stress and worry about the small stuff because I had a team on my side that was willing to do the extra work to get my loan done right. Do yourself a favor like my wife and I did: avoid the scams, the worries, and the possible loss of a deal and get with 800775LOAN.com so you can get into the dream home you have been working so hard for."

- Matt & Christie W.
CA

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Home Equity Loans

Home Equity Loans

Home Equity Loans

Owning a home has plenty of benefits, from tax breaks to personal pride. One of the financial advantages for homeowners is the ability to draw money from the equity built up in their property. Home equity is like a savings account you can access through a home equity loan. Compared to other loan types, there are many advantages to taking out a home equity loan.

Tax deductions and a lower interest rate are two of the big benefits. Since a home equity loan is secured by your home, it poses less risk to a lender than does a non-secured personal loan or credit cards - this lower risk is passed on to you in the form of a lower interest rate.

As with any financial transaction, there are risks involved. Borrowing from your home's equity reduces your own level of equity (or ownership) in the property. You're essentially trading a piece of your ownership stake for cash. There are interest charges on the loan, and other costs associated with taking out a home equity loan, similar to the fees you paid when first acquiring your home. The biggest risk of all is the fact that your home is on the line, and could be lost if you fall into default.

That said, if you apply a home equity loan toward home improvements or the purchase of another home, you can deduct the interest paid on the money you borrow. This is because home improvement loans are, for tax purposes, categorized similar to first mortgages.

One of our friendly mortgage experts can help you better understand all your refinance options. Request a FREE, No Obligation Quote to get started.

Related Content

Home Equity Debt Consolidation
Home Equity Debt Consolidation

This calculator is designed to help determine whether using your home equity to consolidate your debt is right for you.

Obtaining Equity from Your Home
Obtaining Equity from Your Home
Tapping into the equity in a home to obtain cash is very popular and very common.
HELOC or Home Equity Line Of Credit
HELOC or Home Equity Line Of Credit
A home equity line of credit, HELOC, equity line, or equity account, is a type of loan that allows a home owner to tap into the equity of their home to obtain cash for other uses.

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