California Home Equity Loans


Visitors: 164

A home equity loan is synonymous with a second mortgage. Unlike a home purchase loan, the lender gives you cash in return for a stake in the equity of your house. For a house that is already under mortgage, taking another loan on its equity is a second mortgage.

A home equity is a good line of credit that helps borrowers fulfill other pressing financial commitments. If you have large outstanding credit card bills or any other high interest bills, you can take an equity loan on your home and repay these bills. The interest on your home equity loan is much less than the rate of interest charged on outstanding credits. This way, you can save some money and get out of a debt situation.

Many homeowners also opt for a second mortgage. Sometimes interest rates decline sharply. This implies that your old mortgage interest rate will be higher than the current prevalent rates. In such a case, you can opt for a second mortgage and repay your old mortgage. In the long run, you gain substantially as you save on worthless interest payments.

Another option for second mortgage is through home refinance loans, but it takes much longer to process. Processing a home equity loan is faster and you can gain immediate benefits from this line of credit.

Your financial goals are the main driving force behind the loans you secure. A home equity loan can help you do many things besides lower your monthly repayments. It is also a good instrument to consolidate your debts and it can help make your debt tax deductible.

California Loans provides detailed information on California Loans, California Home Loans, California Home Equity Loans, California Mortgage Loans and more. California Loans is affiliated with California Jumbo Mortgage Loans .

california home equity loans

Article Source:

Rate this Article: 
Hawaii Home Equity Loans - Using a Home Equity Loan to Make Home Improvements
Rated 4 / 5
based on 5 votes

Related Articles:

Home Equity Loans in California

by: Carrie Reeder (December 26, 2005) 

Home Equity Loans After Bankruptcy in California

by: J. Hale (December 01, 2006) 
(Real Estate)

California and Orange County Home Equity Loans

by: Lorna Mclaren (October 01, 2005) 
(Finance/Mortgage Refinance)

South Carolina Home Equity Loans – Home Equity Loans Explained

by: J.A. Hale (November 20, 2006) 
(Real Estate)

Idaho Home Equity Loans – Bad Credit Home Equity Loans

by: J. Hale (November 14, 2006) 
(Real Estate)

Illinois Home Equity Loans – Home Equity Loans vs. Lines of Credit

by: Jane A. Hale (November 14, 2006) 
(Real Estate)

Michigan Home Equity Loans - No Income Verification Home Equity Loans

by: Jane A. Hale (November 17, 2006) 
(Real Estate)

New Jersey Home Equity Loans – 125 Percent Home Equity Loans

by: J.A. Hale (November 17, 2006) 
(Real Estate)

Texas Home Equity Loans - Using Equity to Build Equity

by: Jane Hale (November 27, 2006) 
(Real Estate)

Hawaii Home Equity Loans - Using a Home Equity Loan to Make Home Improvements

by: J. Hale (November 14, 2006) 
(Real Estate)