THE #1 INTERNET RESOURCE FOR YOUR HOME EQUITY LOAN

And I am not talking about for your kids or wife or significant other. That’s a nice one. I am talking about what is happening to folks who might have takeen out a home equity loan within the last year or two.

They might have been under the mistaken impression that they had a nice cushion when the bank would only give them a 80% LTV on the loan. The bank might have thought so too.

The fact is that home values have dropped almost every month for the last 18 months. If you are not worried now you should be. If you think your bank isn’t worried think again.

This could be the next big economic squeeze in our economy after the foreclosure mess. SO BEWARE my friends and stay tuned the next chapter is ready to be read in the resettling of the real estate market. Â

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Equity Loans present a slightly different twist than most purchases however because your home is the collateral. Your home is at risk. There is a lot more riding on it than buying a bag of groceries. You have to know what you are doing. You have to know the right questions to ask.

Home equity is the difference between what your home is worth and the amount you owe on it. For most homeowners their home is their biggest asset and it usually represents a treasure trove of cash. In 2005 the value of home equity across the US was $11.3 trillion.

When it comes to borrowing money using your home as collateral (home equity) there are basically only two ways to go aside from a reverse mortgage: a Home Equity Loan Line of Credit (HELOC) or a second mortgage.

After you have shopped around for a lender and done your due diligence on finding a lender shop some more to find the right loan product for your situation. Then here are the top questions to ask.

—What are the monthly payments? Can you afford it?

—What is the annual percentage rate (APR) on the loan? The rate on the loan is the cost of credit, expressed as a yearly rate.

—Will the rate change during the life of the loan? If so, when, how often, and by how much?

—How many years will you have to repay the loan? What is the term of the loan?

—Is this a loan or a line of credit?

—Is there a balloon payment–a large single payment at the end of the loan term after a series of low monthly payments?
—What are the points and fees? If it is more then 5% I’d keep looking

—Are any of the application fees refundable if you don’t get the loan?

—How and how much will the lender or broker be paid?

—What is the penalty for late or missed payments?

—Is there a pre-payment penalty?

Asking these questions may end up saving you some money and keep you out of trouble. Don’t be shy-ask away. You have the right to know.

http://www.yourmortgagerate.info

FREE Home Equity Loan Information

www.aaa-safetyfirst.com

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With all the hub bub about the sub prime mess life still goes on. According to www.bankrate.com today the going rate for a HELOC is around 8% and a home equity loan is in the 8.5% range.

That places those rates cheaper than any credit card by far even though they have gone up steadily in the last several months.

So if you are in the market for a HELOC or home equity loan rates are still good to make home improvements, consoidate credit card debt, or for that matter take that once in a lifetime vacation. Just invite me.

To learn more about home equity and reverse mortgages check out:

www.h-o-m-e-e-q-u-i-t-y-l-o-a-n.com

www.aaa-safetyfirst.com has all the home security and self defense products you’ll ever need

There are 78 million Americans who will turn 62 in the next decade. A potential boom for the reverse mortgage biz. Boomers should get up to speed on reverse mortgages because they will be bombarded with offers right and left.

Why is is called a ‘reverse’ mortgage? Simple. In a regular mortgage over the years you build up equity in your house requiring a cash outflow. A reverse mortgage is just the opposite you draw down the equity over time-thus creating the desired cash inflow.

To learn more about home equity and reverse mortgages check out:

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As baby boomers near the age of 62-and 10 million of them will in the next decade-they are looking for sources of revenue to supplement whatever retirement savings they have set aside. Homeowners in this situation need look no further. The roof over their head can do it.

Reverse mortgages can provide an excellent source of funds for aging boomers. There are several programs that offer monthly payments, a lump sum, or a combination. And they get to stay in their home. What is not to like?

There is much to study and learn before getting a reverse mortgage but it may provide a way to make retirees lives easier.

we will keep on adding new article… so stay tuned

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