mortgage loan definitions
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Mortgage Loan Definitions

 

Types of Mortgage Loans

What is a Debt Consolidation Loan? A Debt Consolidation Loan (Home Required) allows you to combine all your debt into one lower monthly payment. The benefit to you is that you can free up extra cash for personal needs. This type of bill consolidation is done by way of a home equity loan or refinance loan and therefore, requires the applicant to own a home.

If you do not own a home and would like to consolidate bills, you can apply for a debt management plan.

What is a Debt Management Plan? A Debt Consolidation (No Home Required) is also called a Debt Management Plan. You consolidate your unsecured debts (such as car payments, college loans, credit card payments) into one lower monthly payment. The benefit of this type of debt consolidation is that you lower your monthly payout and are no longer bothered by your creditors. This is not a loan.

What is a Home Equity Loan? Home Equity is the difference between what your house is worth and how much you currently owe (balance on your mortgage). A home equity loan is actually a "second mortgage" loan on your home and, as such, is a separate loan payment from your present mortgage payment. Read more...

What is an Equity Line of Credit? An Equity Credit Line or a Home Equity Line of Credit is a revolving line of credit that works like a credit card. You use the money as you need it, repay all or a portion of it and use it again as often as you’d like. You only pay interest on the amount you use, and the interest rate will fluctuate according to financial market conditions.

What is a Home Improvement Loan?  Home improvement loans allow you to take cash stored up in your home equity and use it to finance construction projects. The best home improvement loans are fully amortized with a fixed rate placed in second position on the title of your home. Because an online home improvement loan is essentially an equity loan or second mortgage, a major advantage is your ability to write off the interest on your payments.

What is a Refinance Loan? A refinance loan allows you to lower your First or Second Mortgage rate and thereby save money. Change the rate of your loan term, access fast cash and more. Read more...

What is a 125% No Equity Loan? A 125% no equity loan, also known as a "no equity loan" allows you to exceed the appraised value and borrow an additional 25% worth of equity. Homeowners are able to pay off credit cards, installment loans, and unsecured loans as well. Consolidating your bills into one mortgage payment can reduce your monthly expenses by a few hundred dollars.

**The downside of 125% no equity loans is that you may be borrowing more than your home is worth.

 

Benefits of Home Equity Loans

 

Equity Line of Credit

 

Benefits of Refinance Loans

 

Other Types of Online Loans

 
-Access Fast Cash
-Consolidate debts
-Go on vacation
-Pay college tuition
-Usually Tax deductible
-5-7 days to process
 
 
Equity lines of credit for bad credit or good credit. Easy online application. Get multiple quotes and compare lenders to get the lowest rate. Click here
 
 
-Adjustable to fixed rate
-Consolidate your bills
-Lower interest rate
-One monthly payment
-Reduce loan term
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-Auto Loans
-Debt Consolidation Loans
-Home Improvement Loans
-New Home Purchase
-Refinance Loans