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Home Equity Loan [2008-10-12]

Home equity loans allow a homeowner to borrow money by pledging the house as collateral. Borrowers who want to borrow a relatively large amount of money or who don't have good credit often find the home equity loan to be attractive.

A home equity loan is a type of second mortgage, not to be confused with a home equity line of credit.

Lenders may be more liberal because they view home equity loans as relatively safe. You can't disappear with your house or hide it if you default on your loan, so the lender has a good chance of collecting the collateral. Also, you are likely to make your payments a priority if your home is on the line

Daily Mortgage Rates
30-Year
5.25
0.15
15-Year
4.92
0.12
5/1-Year
5.26
-0.00
1-Year
4.92
0.02
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Are your savings safe? - Turmoil inthe financial markets; naturally makes consumers worry about the safety of their savings but unless they have more than 35K with a savings provider then there is no need to fret.test
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