A Guide on Home Equity Loan
Applying for home equity loan in Houston? Read this guide to gain a deep knowledge and understanding on home equity loans. Visit http://www.ellisequity.com/ for more information.
Applying for home equity loan in Houston? Read this guide to gain a deep knowledge and understanding on home equity loans. Visit http://www.ellisequity.com/ for more information.
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A home equity loan, often<br />
described as sec<strong>on</strong>d mortgage<br />
allows home owners to borrow<br />
m<strong>on</strong>ey by leveraging the equity in<br />
their home. Here we can discuss<br />
about how these loans workout<br />
and what are their benefits.
Types of <strong>Equity</strong> <strong>Loan</strong>s<br />
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Fixed-rate <strong>Loan</strong>s<br />
This provides a single, lump-sum<br />
payment to the borrower.<br />
Repaid over a period of time at<br />
an agreed-up<strong>on</strong> interest rate.<br />
The payment and interest rate<br />
remain the same.
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<strong>Home</strong>-<strong>Equity</strong> Lines of Credit<br />
Variable-rate loan<br />
M<strong>on</strong>thly payments are based <strong>on</strong><br />
the amount of m<strong>on</strong>ey borrowed<br />
and the current interest rate.<br />
When the end-of-the-term is<br />
reached, the outstanding loan<br />
amount must be repaid in full.
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Reverse Mortgage<br />
It’s a special type of home equity<br />
loan <strong>on</strong>ly available to senior<br />
citizens of ager 62 and over.<br />
Either borrow a lump sum of<br />
m<strong>on</strong>ey initially or receive<br />
m<strong>on</strong>thly amounts.<br />
More expensive than other<br />
loans.
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Benefits for customers<br />
Easy source of cash.<br />
Interest rate is lower than<br />
interest <strong>on</strong> credit cards and<br />
other c<strong>on</strong>sumer loans.<br />
Interest is tax deductible.
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Right Way to Use <strong>Home</strong> <strong>Equity</strong><br />
<strong>Loan</strong><br />
<strong>Home</strong> equity loan is a valuable<br />
tool for resp<strong>on</strong>sible borrowers.<br />
Fixed rate loans are suitable to<br />
cover the cost of a single<br />
purchase such as a new roof or a<br />
medical bill.<br />
HELOC is a c<strong>on</strong>venient way to<br />
cover short-term recurring costs.
Want to get out of the debt?<br />
Visit www.ellisequity.com for an<br />
expert soluti<strong>on</strong>.<br />
Call: 713-952-8022<br />
E-mail: sales@ellisequity.com
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