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Brooklyn, New York - Home Equity Loans search results Premier Listings

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Common Home Equity Loan Terms

A home equity loan can be used to fund any personal expense, from college tuition costs to a family vacation. As with any other debt, it is important to be informed before taking out a home equity loan, so you can successfully manage your finances. Below are six terms to be familiar with when researching home equity loans.

  • Home Equity Loan - A loan made against the equity a borrower has in their house, often, referred to as a second mortgage. Borrowers take out home equity loans to fund household remodeling projects, tuition costs, medical bills, or other personal expenses.
  • Home Equity Line of Credit - A line of credit established using a borrower's home as collateral. A borrower can take money from their credit line, up to an established credit limit, for a set period of time. Like credit cards, home equity credit lines often have minimum monthly payments.
  • Unsecured Debt - A type of debt that is not backed by collateral in the event that a borrower defaults. Examples of unsecured debt include student loans, personal loans, and credit card debt.
  • Secured Debt - A type of debt that is supported by collateral if the borrower fails to repay what is owed. Examples of secured debt are mortgages and auto loans, in which a lender will take possession of a house or a car if the borrower defaults.
  • Fixed Rate - An interest rate that is set at the time a loan is originated and remains the same throughout the entire term of the loan.
  • Variable Rate - An interest rate that fluctuates with the market throughout the term of a loan. Variable interest rates are sometimes referred to a floating or adjustable rates.
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    Lendingtree, Llc
    Whether you are a new home owner or an existing owner we have the right Brooklyn area home equity loans for you. Leverage the worth of your property by choosing our home equity loans in your area.
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    Home Loan Center.com
    Irvine, CA 92618
    Let our experienced professionals show you how simple it can be to get a great home equity loan in the local Brooklyn area. Offering the highest level of customer service to help you!
    Ntl Home Equity Mortgage Assoc
    Washington, DC 20004
    If you're looking for the most respected source of home equity loans in the local Brooklyn area, just call our specialists. Offering the best rates to help you get the home equity loan you need.
     
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    Ivy League Mortagage
    22 W Broad St, Bethlehem, PA 18018
    Our company is a full service mortgage banker, broker and FHA-approved mortgage home loan lender. With us you can get consultation to find out your position in the future when it comes to you and your property.
    (877) 773-4734
    Fidelity Mortgage
    28 School St, Branford, CT 06405
    We offer the best loan programs and most current rates available, together with the assistance of an experienced, live loan officer to guide you through the often difficult and confusing process of choosing and getting the exact loan to meet your specific needs.
    (203) 315-1200
    Red Wagon Mortgage
    149 Madison Ave Rm 803, New York, NY 10016
    (212) 588-0944
    Parapet Capital Partners, LLC
    11 Penn Plz, New York, NY 10001
    (646) 845-9292
    American New Line Express Corp
    314 5th Ave Fl 5, New York, NY 10001
    (212) 947-3219
    Guardian First Funding Group
    1 Penn Plz, New York, NY 10119
    (212) 380-4296
    First Funding
    90 Park Ave, New York, NY 10016
    (212) 984-1865
    D & L Brokerage Inc
    236 Remsen Ave, Brooklyn, NY 11212
    (718) 778-6955
    Signal Equity Partners
    10 E 53rd St, New York, NY 10022
    (212) 872-1180
    Pergolis Swartz Inc
    12 W 37th St Fl 8, New York, NY 10018
    (212) 643-5663
    CWB Systems Services Inc
    330 Madison Ave, New York, NY 10017
    (212) 331-8300
    Emigrant Fund C
    6 E 43rd St Fl 23, New York, NY 10017
    (212) 850-4880
    Upstate Capital
    555 5th Ave, New York, NY 10017
    (212) 918-0638
    Cgw Enterprise
    5302 Snyder Ave, Brooklyn, NY 11203
    (347) 271-6869
    Barrington Capital Corp
    24 W 40th St Fl 17, New York, NY 10018
    (646) 366-0860


    Home equity, which can also be referred to as real property value, is the difference between what is still owed by a person on a mortgage loan, and the market value of the house. If the home value goes up, or the home owner makes a huge payment on the house, then the home equity increases. Likewise, it can depreciate if home values drop. Many home owners who have excellent credit take advantage of this by taking out a home equity loan. Equity loans on a house borrow against the perceived equity value that a person has in his or her house. These loans often require near perfect credit, are limited by home values, and are considered a secured debt, specifically because it borrows against the actual property, as opposed to the property owner. If the mortgage or payment is defaulted on, the bank can actually sent the house into foreclosure. Unsecured loans, on the other hand, the borrower can be held personally responsible for, like student loans. Different banks will have different offers when getting the money to you. Typically in a house equity loan, it is a private loan with a fixed interest rate, the money is delivered in a lump sum, and it takes a great deal of time to process all of the personal information. However, for house owners that need instantaneous funding, some agents might offer fast, direct loans, but with a higher interest rate. Before taking out any loans, make sure to do some research online about all of your options. Because there are so many options available out there, it is worth taking the time to be well versed on the subject.
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