| Home Loan Advice |
Comparing Mortgage Brokers and Lenders |
Anytime the home market becomes sluggish the demand for home equity lending rises, because interest rates begin to climb and borrowers would rather not refinance their entire first mortgage to get a little cash.
The home equity loan can be used for a home purchase transactions, debt consolidation, home remodels or cash back. These 100% 2nd loans can even be used to buy a second property for rental income or simply used as a vacation home. |
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Prime Home Equity |
Find out why Homeowners come to Home Loan Wholesale for a prime home equity loans, financing home construction, refinancing, home purchase and of course cash out.
To pay off home equity line of credit (HELOC) & pull out additional cash what are my options?
Borrowing money you don't need is expensive. But, if you can invest the additional cash at a higher after-tax rate of return than the after-tax cost of debt, it can be to your advantage to borrow the money and invest it until you need it. To find out the after-tax cost of debt, multiply your loan rate by the quantity one minus your marginal federal tax rate minus your state tax rate. Taking this approach to invest in the stock market isn't for the faint of heart, especially if the value of your stocks heads south. Paying back money that you lost in the market is never fun.
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• | Stated Income |
| • | Cash Out Refinance | |
| • | Line of Credit | |
| • | Fixed Rate Loans | |
| • | No Annual Fees |
The best option is to refinancing any adjustable rate debt into a new home equity loan or credit line. You may have additional closing costs with a second mortgage, but if you already have a great interest rate on your 1st mortgage, there is no sense in refinancing it again for a higher mortgage rate.
Get up $300,000 in cash and use the funds for financing home improvements or consolidating bills
Now you can finance home improvements and reap the rewards of homeownership with increased home values that can convert to cash.
Use your home equity to finance 2nd home construction, or simply to refinance variable rate credit card debt that is costing you money!
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The prime interest rate is charged by lenders to their best, most creditworthy customers. A less credit worthy customer may be offered a mortgage or loan at the prime rate plus anywhere from 1 to 10%. Borrowing at below-prime also occurs, but is less common and usually applies to businesses, not individual consumers. The Federal Reserve determines whether to lower or raise the prime rate based on a variety of economic factors. Many consumer loans, such as auto, home equity, mortgage and credit card loans are based upon the prime rate. Building and maintaining a good credit history are two of the most important qualifications for prime-rate borrowing.
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