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Erie, Pennsylvania - Home Equity Loans search results Premier Listings

Northwest Bank
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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 Erie area home equity loans for you. Leverage the worth of your property by choosing our home equity loans in your area.
    (1) Review Write a review
     
    User Review: "I have prefered to use the lendingtree.Com for the housing loan because they are faster and easy to use, they have good..."
    Pa Mortgage Service
    Altoona, PA 00000
    Get expert assistance with your home equity loan in the local Erie area when you set up an appointment with our service. Providing advice and consultation for your home equity loan terms.
    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 Erie 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 Erie area, just call our specialists. Offering the best rates to help you get the home equity loan you need.
     
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    Bank of America
    10 Fountain Plz Ste 1, Buffalo, NY 14202
    (1) Review Write a review
    (800) 432-1000
     
    User Review: "Bank of america is the trusted bank all over the world and it takes part in helping the angolan people giving them housing..." - Teresa (AK)
    Farm Credit Services
    11555 State Highway 98, Meadville, PA 16335
    (814) 336-3149
    Howard Hanna Real Estate
    309 Main St, Greenville, PA 16125
    (724) 588-9008
    Cambridge Warren
    706 Pennsylvania Ave W, Warren, PA 16365
    (814) 723-8300
    Huntington Natl Bank-02239856
    14849 N State Ave, Middlefield, OH 44062
    (440) 632-0172
    Metro Mortgage
    7395 Center St, Mentor, OH 44060
    (440) 974-6622
    Bank Of America
    8600 E Market St, Warren, OH 44484
    (330) 856-6998
    Carlyle Mortgage Svc LLC
    8990 Tyler Blvd, Mentor, OH 44060
    (440) 255-5600
    Pnc Bank
    7940 Plaza Blvd, Mentor, OH 44060
    (440) 266-0767
    Reverse Helpline
    Wickliffe, OH 44092
    (877) 554-3536
    Spartan Mortgage Co
    755 Boardman Canfield Rd Ste D1, Youngstown, OH 44512
    (330) 726-1400
    Ameristate Bancorp Inc
    725 Boardman Canfield Rd Ste O, Youngstown, OH 44512
    (330) 629-8500
    First Integrity Financial LLC
    29500 Aurora Rd Ste 14, Solon, OH 44139
    (440) 519-1888
    Union National Mortgage
    30670 Bainbridge Rd Ste 19, Solon, OH 44139
    (440) 287-7284
    Equity Mortgage
    6200 Som Center Rd, Solon, OH 44139
    (440) 498-9980


    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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