Home Equity Loan Advice, Line of Credit, HELOC, home equity loan rates.#Home #equity #loan #rates

Home Equity – All about line of credit

Home equity loan rates

Monthly payment requirements can vary, depending on whether you have a fixed term loan or a line of credit that permits much smaller payments.

Home Equity Advice

The average cost of a $30,000 home equity line of credit has been around 4.8% all year. That’s as cheap as those loans have been in more than a decade. But you still need to be very careful when tapping the value of your home.

November 7th 2017

These are the predictable pitfalls that can turn the renovations of your dreams into a nightmare you’ll be reliving, and possibly regretting, for years to come. Avoid them, and you’ll dramatically increase the odds of bringing your project in on budget, on time and with absolutely delightful results.

October 30th 2017

Home equity lines of credit can be a cheap way to borrow money for home renovations, college bills or credit card debt. But is your home worth enough to support a second mortgage?

October 24th 2017

The simplest, most likely answer is that your heirs will be allowed to assume your loan and keep the home as long as they make the payments. But, as you’ll see, nothing is simple in estate law.

October 17th 2017

If you’re among the millions of Americans bracing for the minimum payment on your home equity line of credit to go up — way up — there’s no need to panic. There are lots of ways to deal with repaying this debt.

if you’ve had a “For Sale” sign languishing in your yard for more than a couple of months, there’s a good chance you’re doing something wrong or have a problem that you’re unaware of and haven’t addressed. Here’s how to get your property moving.

Whether you’re redoing your kitchen or tackling a smaller project, our expert tips will help you avoid the biggest remodeling mistakes.

If your home isn’t getting the right amount of heat at the right price, it could be time to replace your furnace. Our 10 tips will guide you.

Some home repairs you can postpone forever. These are the kinds of leaks, shorts, cracks and critters that can lead to exceptionally expensive, even catastrophic, damage that you simply can’t ignore.

Wells Fargo no longer allows home equity line of credit borrowers to make interest-only payments on their loans, meaning minimum monthly payments will rise. But this move could also save your house from foreclosure.

Paramount Equity Mortgage®, Mortgages for Home Buyers and Refinance Home Loans, equity mortgage.#Equity #mortgage

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Paramount Equity Mortgage®, LLC is licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, License #4170047; Arizona Mortgage Banker License #0922160, NMLS# 30336; Colorado Mortgage Company Registration NMLS# 30336, Connecticut Mortgage Lender License # ML-30336; DC Mortgage Dual Authority License #MLD30336; Georgia Department of Banking and Finance Georgia Mortgage Lender License #42733, Florida Mortgage Lender Servicer License # MLD 898; Hawaii Mortgage Servicer License , Idaho Mortgage Broker/Lender license – MBL-8279, Indiana-DFI First Lien Mortgage Lending License, Indiana-SOS Loan Broker License, License # 30336 License # 28067, #MS136, Kansas licensed mortgage company License # MC.0025206; Maine Supervised Lender License – 30336; Maryland – Mortgage Lender License # 21172; Minnesota Residential Mortgage Originator License, License # MN-MO-30336, Minnesota Residential Mortgage Originator License Other Trade Name, North Carolina Mortgage Lender License NMLS# 30336, License# MN-MO-30336.1 ,Nevada Mortgage Banker License #3919; Nevada Broker License #4260, New Mexico Mortgage Loan Company License NMLS# 30336, MO Company Registration NMLS# 30336, 435 Nichols Road, Suite 200, Kansas City, MO 64112-2006; Licensed by the N.J department of Banking and Insurance NMLS# 30336; New Jersey Residential Mortgage Lender License NMLS# 30336, Ohio Mortgage Loan Act Certificate of Registration , NMLS # 30336, Oregon Mortgage Lender License #ML-3256, Texas SML Mortgage Banker Registration NMLS# 30336; South Carolina Board of Financial Institutions Mortgage Lender/Servicer License #MLS-30336; Tennessee Mortgage License #125485, NMLS# 30336, Texas SML Residential Mortgage Loan Servicer Registration NMLS# 30336, LLC NMLS #30336; Pennsylvania Mortgage Lender License #52769, Utah DRE Mortgage Entity License Other Trade Name#1 #9572003, Utah DRE Mortgage Entity License Other Trade Name#2 #9573336, Virginia Broker License #MC-5267, Virginia Lender License #MC-5267, Washington Consumer Loan Company License #CL-30336; and Wisconsin Mortgage Broker License #30336BR NMLS ID #30336.

Home Equity Loan and HELOC Basics, home equity loan.#Home #equity #loan

Home Equity Loan and HELOC Basics

If you’ve owned your home for a while or have seen its value rise significantly, you may be thinking about taking out a loan against the equity, perhaps for home improvements, a new car, or some other purpose. You have two basic choices: a home equity loan or a home equity line of credit (HELOC).

A home equity loan is a lump sum loan that uses your house as collateral, just like your primary mortgage. With a home equity loan, you borrow against the value of your home decreased by the existing mortgage (the equity).

How much can you borrow? Most lenders won’t allow you to borrow more than 75% to 80% of the home’s total value, after factoring in your primary mortgage. However, even if you put no money down when you bought your house and haven’t paid a dime of principal back, any increased market value of your home may make a home equity loan feasible. For example, say you bought your house 12 years ago for $150,000 and it’s now worth $225,000. Even if you haven’t paid off any principal, you might qualify for a home equity loan of $30,000 — this would bring your total loan amount to $180,000, which is 80% of your home’s value of $225,000.

Interest rates on home equity loans. A home equity loan is sometimes called a “second mortgage” because if you default and your house goes into foreclosure, the lender is second in line to be paid from the proceeds of the sale of your house, after the primary mortgage holder. Because the risk of not getting paid the full value of the loan is slightly higher for the second lender, interest rates on home equity loans are usually higher than those on primary mortgages. But at least the interest is lower than on the typical credit card.

Loan term. The loan term of a home equity loan is usually much shorter than that on a primary mortgage — ten to 15 years is common. That means that your monthly payments will be proportionally higher, but you’ll pay less interest overall.

What Is a Home Equity Line of Credit?

The other major option in home equity borrowing is a home equity line of credit, or HELOC. A HELOC is a form of revolving credit, kind of like a credit card — you get an account with a certain maximum and, over a certain amount of time (called a “draw period”), you can draw on that maximum as you need cash.

The draw period is usually five to ten years, during which you pay interest only on the money you borrow. At the end of the draw period, you’ll begin paying back the loan principal. Your repayment period will usually be in the ten- to 20-year range, which means that, as with a home equity loan, you’ll pay less interest than you would on a traditional 30-year fixed mortgage, but your monthly payments will be proportionally higher. HELOCs sometimes have annual maintenance fees, which generally range between $15 to $75, and many have cancellation fees that can be several hundred dollars.

Similar to home equity loans, the amount of money you can borrow with a HELOC is based on the amount of equity you have. Usually that means you will be able to borrow some percentage of the home’s value, reduced by the existing mortgage — usually 75% to 80%. Unlike home equity loans, the interest rate on a HELOC is usually variable, so it can start low but climb much higher. HELOC interest rates are usually tied to the prime rate, reported in The Wall Street Journal, and the maximum rates are often very high — similar to the rates on a credit card.

What Can You Do With a Home Equity Loan or HELOC?

You can do whatever you want with a home equity loan or HELOC: finance your son’s education, take an extravagant trip, or buy a big screen television. Some people use it to consolidate debts that they’ve racked up on various credit cards.

However, the most prudent way to spend the cash is on improving your home. If you aren’t able to pay the loan back, you risk foreclosure, but if you used the cash to improve your home, you should see an increase in its value (if you followed the advice in Nolo’s article Do Home Improvements Really Add Value?). This gives you the option to refinance if you need to and, if the value of your home has gone up, you’ll be more likely to qualify for the loan. (For more information on how refinancing can lower your monthly payment, see Nolo’s article Refinancing Your Mortgage: When It Makes Sense.)

HELOCs work well if you are making improvements on your home and have ongoing expenses. Often borrowers get them as an added safety net, in case they need cash suddenly, but without real plans to draw on them otherwise.

You may just want to have this source of cash in your back pocket for emergencies — but make sure there’s no requirement that you draw some amount, as some lenders require this so that they’re assured of making a little money on the deal.

Tax Benefits to Home Equity Loans and HELOCs

A final benefit to using a home equity loan or HELOC to improve (or even purchase) your home is that the interest is tax deductible, just as it is on a primary mortgage, up to $1 million. You can deduct only up to $100,000 if you use the money for another purpose. (However, you can’t deduct more than the house’s fair market value.)

Also be careful if you’re subject to the Alternative Minimum Tax. In that case, your home equity loan or HELOC may be deductible only if it is used to purchase or improve the home.

How to Get a Home Equity Loan or HELOC

Shopping for a home equity loan or HELOC is just like shopping for a primary mortgage. You can either go to a mortgage broker or you can research loan options on your own. For more information on shopping for a mortgage, read Nolo’s article Where to Shop for a Mortgage.

With a home equity loan, expect to pay some of the typical fees you paid on a regular mortgage, but in much lesser amounts. (Some of these fees are based on the loan amount, which is probably lower than your primary mortgage.) At the very least, you’ll have to pay for an appraisal, which is the lender’s opportunity to evaluate how much your home is worth. You may find a home equity loan without any fees, but be careful: Usually it means these costs are rolled into the loan, perhaps in the form of a higher interest rate. Costs on HELOCs are usually (but variable interest rates mean the interest payments can be much higher).

To learn more about home buying, read Nolo’s Essential Guide to Buying Your First Home, by Ilona Bray, Alayna Schroeder, and Marcia Stewart (Nolo).

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Why American Lending?

Because we offer:

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How we can help you?

When you work with American Lending, you will find that obtaining a home loan will be an easy and efficient process, because we are the local industry experts. By choosing to work with us, you will be partnering with a trusted resource, equipped with years of hands-on experience with unparalleled expertise and you can rest assured knowing that you have a quality professional to assist you during the home loan process.

At American Lending, we handle home loans for a wide-spectrum of Southern California in the local Los Angeles and Long Beach markets as well as other licensed states. We know the neighborhoods, the people and the type of homes that individuals will be looking for.

From condos and small single family homes, to larger homes and luxury dream houses, American Lending has the right solution for your scenario.

So if you are in the market for a new home, condo, home refinance or equity line of credit then look no further, contact American Lending.

Home Mortgage Loans & Refinancing, Columbia Bank, american equity mortgage.#American #equity #mortgage

Mortgage and Home Equity Loans

From mortgage loans to home equity loans, Columbia Bank has all of the pieces necessary to help you live the American Dream of home ownership. Our simple online application makes it easier than ever to apply online for the mortgage or home equity loan you need to finance your dream home.

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Looking for a fixed-rate or adjustable-rate mortgage? Maybe a construction/permanent mortgage loan to build your dream house. No matter what your individual requirements are for purchases or refinances, you can count on Columbia Bank for home financing that s right for you.

  • Various fixed-rate and adjustable-rate terms available
  • Interest Rate Lock-In for up to 75 days for purchases or refinances
  • Pre-approval Certificate Program to assist you in shopping for your dream home
  • Owner-occupied 1-4 family dwellings or FNMA/FHLMC approved condominiums located in the State of New Jersey
  • Fixed rate Bi-Weekly payment options for certain terms result in less interest paid over the life of the loan. This option is currently not available online. Please contact a customer service representative at 1-800-522-4167 for details.
  • Save thousands of dollars in closing costs with our $475 Low Fee Home Purchase Program
  • Learn more about our $0 Refinance Program
  • Learn more about our Affordable Home Mortgage Program
  • Apply Online or Check the Status of Your Application!


With an easy online application and no expensive fees, Columbia Bank s refinance program will save you money every step of the way. Our program eliminates the most expensive refinancing fees such as the appraisal fee, title fee, and many more allowing you to refinance your single-family home for much less. Contact a Columbia Bank representative or apply online for our incredible refinancing program today.

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Put that hard-earned equity you ve built up in your home to work for the things you want now. Available as a variable-rate line of credit or an installment loan at a fixed rate, home equity loans from Columbia Bank can help you fund home improvements, major purchases, and more. Home Equity Advance is our variable-rate line of credit account that allows you to write yourself a loan during the draw period when unexpected expenses come up. Our Home Equity Consumer Loan will provide you with the exact amount of money you need now.

  • A tool for refinancing your current home loans and/or to access the equity in your home
  • No complicated closing costs
  • Home Equity Advance line of credit available to draw from your equity when you need it
  • Apply Online or Check the Status of Your Application!

Columbia Bank has never been involved with subprime lending. We pride ourselves in offering an array of products to deliver sound loans under flexible programs to qualified individuals.

Columbia Bank is registered with the National Mortgage Licensing System and Registry as required by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (Safe Act).

Second Mortgage vs, equity mortgage.#Equity #mortgage

Second Mortgage vs. Home Equity Loan

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It’s time for another installment of “mortgage match-ups.”

Today’s match-up: “Second mortgage vs. home equity loan.”

This is an epic battle of the junior liens, which while subordinate to their first mortgage brethren, can still hold their own in a fight.

But in this duel, we’re probably doing more to “clear things up” than we are comparing two loan programs.

Are second mortgages and home equity loans the same?

You see, when it comes down to it, most second mortgages are home equity loans. And vice versa.

So if you hear someone talking about one or the other, they could be talking about the same thing.

This is further complicated by the fact that most home equity loans are HELOCs, or home equity lines of credit.

You should be, considering the ambiguity of it all…let’s break it down.

Second Mortgages, HELOCs, Home Equity Loans

A second mortgage is any home loan that is subordinated behind (comes after) a first mortgage.

This could be a HELOC or a home equity loan.

A HELOC, as previously mentioned, is a line of credit. In other words, you get a home loan with a certain line of credit, or draw amount, which you can use kind of like a credit card.

HELOCs are tied to the variable prime rate, and thus are adjustable-rate mortgages.

After the draw period, the amount drawn upon must be paid back during the repayment period.

*Note that while a HELOC is often used as a second mortgage, it can also be a stand-alone first mortgage, taken out by the homeowner when their mortgage is free and clear, or to refinance an existing lien.

Finally there’s the home equity loan, which can refer to both a HELOC or a closed-end second mortgage.

A closed-end second mortgage is a home loan that operates similarly to a first mortgage in that it’s a fixed amount, not a line of credit.

Additionally, it can be a fixed-rate mortgage or an ARM. These are typically taken out as an alternative to a HELOC, especially as purchase-money second mortgages.

For example, a borrower can avoid paying mortgage insurance by taking out a first mortgage at 80 percent loan-to-value and a concurrent second mortgage for the remaining 20 percent.

Unfortunately, many banks and mortgage lenders use the phrase “home equity loan” and “HELOC” interchangeably, adding to the confusion.

To ensure you actually get what you want/need, ask the loan officer or mortgage broker to explain the terms of each loan product clearly.

Home Equity Loan, Second Mortgages, Police and Fire Federal Credit Union, home equity loan rates.#Home

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Make your dreams a reality.

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Your Home is your most valuable asset and the most economical method of borrowing. Get a PFFCU Home Equity Loan (Second Mortgage) and enjoy Great Rates, Service and More!

  • No Out-of-Pocket Expenses – No application fee, no closing costs 1 and no points!
  • Finance up to 80% of the total LTV of your primary home 2 , for up to 20 years, for a maximum of $600,000.
  • Finance up to 100% of the total LTV of your primary home 2 , for up to 15 years, for a maximum of $50,000.
  • Terms as short as 5 years and as long as 20 years with low fixed rates. Typically, the longest term will offer the lowest monthly payments.
  • Save with tax-deductible interest. Consult your tax advisor for details.
  • Enjoy a 1/4% discount with automatic payment. 3
  • Estimate your payment with our fixed-rate mortgage payments Monthly Payment Calculator.
  • You can close your Home Equity Loan (Second Mortgage) at any of our conveniently-located branches.

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Applying is easy and takes only about 10 minutes. Apply Now. »

If you prefer, you can apply by calling 800-673-1836, or visiting any PFFCU branch. Apply during regular business hours and you’ll receive a loan decision within one business day.

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PFFCU Home Equity Loan Personalized Service

For Personalized Service, apply for your PFFCU Home Equity Loan (Second Mortgage) six-days-a-week in person or by telephone. Visit any of our conveniently located branches in Philadelphia, Bucks County and Montgomery County, PA and NJ for all of your financial needs. Members in Washington Township, NJ area can stop by our branch on Route 42. Members in the Mt. Laurel, Cherry Hill area can stop by our branch on Lenola Road across from the Moorestown Mall.

Not near a branch? Contact our Call Center at 800-673-1836 and one of our knowledgeable Telephone Member Service Representatives can guide you through your Home Equity Loan application process.

Convenient PFFCU branch locations

PFFCU has conveniently located branches in Philadelphia, Bucks County and Montgomery County, PA and NJ. Members who live, work or travel in Mt. Laurel, Cherry Hill and Washington Township can stop into our two NJ branches to get a Home Equity Loan (Second Mortgage). Our Moorestown Mall branch on Lenola Road, across from Macy s, is easily accessible from Mt. Laurel and Cherry Hill. Members in the Washington Township area enjoy the convenience of our branch on Rt. 42.

Come to PFFCU for the best home equity loan rates in Bucks County, PA, Montgomery County PA and best home equity loan rates in Cherry Hill, Mt. Laurel and Washington Township, NJ.

PFFCU is the best source for a home equity line of credit in Mt. Laurel, Cherry Hill and Washington Township, NJ. And the best source for a home equity line of credit in Bucks County and Montgomery County PA.

Loan Protection Insurance 4

Credit Life Insurance is designed to pay off the loan if the borrower dies; while Credit Disability Insurance takes over the loan payments if the borrower becomes disabled. Certain restrictions apply.

For more information, call us at 215-931-0300 or 800-228-8801.

How To Calculate Your Loan-to-Value (LTV) Ratio

Add your loan amount and the amount of any outstanding liens on your property. Divide the total by the appraised value of your home. The result is your Loan-to-Value (LTV) ratio. Your LTV will be a factor in determining your interest rate and how much you can borrow.

  1. $250 is charged for the appraisal of an investment property. $100 is charged if you choose an appraisal upgrade.
  2. Single-family owner-occupied vacation properties have a maximum loan-to-value (LTV) ratio of 80%. Investment properties have a maximum loan-to-value of 70%, and must be owned for a minimum of 24 months.
  3. The Annual Percentage Rate (APR) you will receive will depend upon loan amount, term of the loan, Loan-to-Value (LTV), and credit score. The stated rates for loans up to 80% reflect a 1/4% discount with automatic payment from an active PFFCU Checking Account or distribution from a payroll check automatically deposited with PFFCU and are SUBJECT TO CHANGE WITHOUT NOTICE. Automatic payment required for loans with greater than 80% LTV.
  4. Loan protection insurance is optional and is not required to be approved for a loan.

Call Us with Questions

If you have questions or want to apply for a loan over the phone please call us at 800-673-1836.

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ABA Routing #236084285

Police and Fire Federal Credit Union

901 Arch Street, Philadelphia, PA 19107

©2017 Police and Fire Federal Credit Union.

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What’s New?

Equity Bank Kenya reduces the rate of interest on credit facilities to 14.5% p.a focuses on digitization and innovations to deliver returns

Nairobi 14th September 2016……In line with the new regulation, Equity Bank has with effect from 14th of September 2016 adjusted interest rates to 14.5% p.a being the current base rate set and published by the Central Bank of Kenya vide Banking Circular No 4 of 2016 dated 13th September 2016 of 10.5% p.a + 4%. At the same time, interest on deposits held in local currency interest earning accounts will earn interest at a minimum of 7.35% being 70% of the current base rate as set by CBK at 10.5% p.a.


The University of Nairobi honoured Equity Bank Founder with the Award of the Honorary Doctor of Letters (honaris causa), for his role in entrepreneurship and his remarkable accomplishment in nation building.

Nairobi, 5/9/2016: Equity Group Holdings Limited Chairman, Dr. Peter Munga has been conferred an honorary degree by The University of Nairobi.


Investment groups, chamas and joint account holders can now withdraw cash from their Equity Bank accounts in a more convenient and secure way through a new feature on the bank’s Equitel mobile money platform.

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The U.S. Housing Crisis: Where are home loans underwater?

With U.S. home values falling 9.5% since their peak in 2007, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. Search our interactive map to discover what percentage of homes in your county or ZIP code are in negative equity, based on Zillow’s third quarter 2014 data.

About the Zillow Negative Report: The Zillow Negative Equity Report is produced on a quarterly basis and captures the percent of homeowners who owe more on their mortgage than their home is worth from the national level down to the ZIP code level. Negative equity is commonly referred to as being underwater. The report also covers the delinquency rates of underwater mortgagees and the amount of equity among all mortgage holders.

Zillow Q3 2014 Negative Equity Report Summary: According to the latest Zillow Negative Equity Report, the national negative equity rate fell to 16.9 percent in the first quarter. This represents approximately 8.7 million homeowners nationwide. With the pace of home value appreciation slowing, the pace of negative equity improvement will also slow. Zillow currently predicts that the negative equity rate will fall to 15.2 percent by the end of the third quarter of 2015. The “effective” negative equity rate, which includes those homeowners with a mortgage with 20 percent or less equity in their homes, was 35 percent in the third quarter.

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