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What is a home equity loan?
Any loan that is secured to your home except the original loan or loans used
to purchase your home.
Home equity loans can be 1st mortgages, 2nd mortgages, refinance loans,
lines of credit, or even car loans if they are secured by your home.
How much equity do I have? (equity
calculator)
Equity equals the value of your home and land minus all the loans
secured by it. Calculate your home equity by:
How much can I borrow?
Often you can borrow all of your equity, or up to 100% - 103% of your
homes value. Occasionally up to 125% of your homes value may be borrowed
for a second mortgage. In the example above if you wanted to borrow 100%
of your homes value you could either get a new $100,000 first mortgage, or
a $70,000 second mortgage or home equity line of credit.
Why choose a home equity loan?
There are many benefits of home equity loans. For instance, because they
are secured to your home you'll get a lower rate and qualify easier than a
personal loan. The interest will generally be tax deductible and you can
borrow much more with significantly lower payments compared to a personal
loan.  Home
Equity Loan Quotes.
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Highlights
Borrow up to 100% of homes value
Liberal underwriting guidelines
Usually tax deductible
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Enter your home equity loan requirements in our 60 second, no credit check
request form and ShopMyLoan.com will compare your needs with the
offerings of nearly 8,000 network members. Then, we'll provide you
with the top two. Click
here to apply.
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Why ShopMyLoan.com
ShopMyLoan.com provides consumers with unbiased financial research and
access to our one of a kind lender matching process.
By providing ShopMyLoan.com with the requirements you have for a home equity
loan, we can search our network of lenders and provide you with the top two
results saving you countless hours.
Best of all, no credit inquiry will be made and no sensitive information is
requested.
Consumers find unbiased information about the financial services currently
available in the marketplace, while lenders find borrowers that are highly
interested in the services that they provide. ShopMyLoan.com brings
borrowers together with the right lenders.
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