A home equity line of credit is a second mortgage on your home that takes the form of a line of credit instead of a lump sum. The entire loan amount is made available to you, but you choose when. The credit score requirements on home equity lines will be similar to fixed second mortgage loans and conventional first mortgage programs.
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Compare Home Equity loan rates. home equity loans. A home equity loan is also known as a second mortgage. You’ll keep your existing mortgage but borrow against your home’s equity in a one-time event. Pros: Interest rates are usually fixed. If interest rates rise, your payments are not affected. Lower cost of borrowing.
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A second mortgage and a home equity line of credit (HELOC) are similar in that they both use your home’s equity as collateral and will show up on your credit report. However, a second mortgage is a fixed amount lent to you for a fixed term with payments amortized or spread over the life of the loan.
HUD Makes Reverse Mortgages a Little Less Attractive HUD makes reverse mortgages less attractive The Department of Housing and Urban Development (HUD) has made changes to the federal reverse mortgage program. citing the need to put the program on better financial footing, HUD has raised reverse mortgage fees for some borrowers and lowered the amount homeowners can borrow.
15-year FHA – The FHA loan is great for folks who have less equity in their home or want to bring less money to closing. VA loan – The VA loan is a top benefit of military service and a top choice for veterans refinancing to pay off their mortgage faster.
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Tax advantages. Because a HELOC is a type of mortgage, the interest paid on up to $100,000 in loan principal is tax-deductible for most borrowers who itemize. No restrictions on use of funds. When you set up a HELOC, you can use the funds as you wish. You don’t have to justify your plans for using them as you do with many other types of loans.
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Advantages of Second Mortgages. One major advantage of a second mortgage is that it may give you a large amount of money that you can spend pretty much however you want. Plus, interest rates on second mortgages are pretty low right now (though they will likely not be as low as the rate you could get on your original mortgage). Also the interest paid on these loans may be tax deductible; please consult your tax adviser.