Types of Loans
A first
mortgage is the primary loan borrowed to pay for a home. It can be the loan used
to purchase your very first home, or it can be the loan that refinanced your
previous home loan.
If you own a home, refinancing
can be a great money saving opportunity. You could lower your monthly mortgage
payments and free up cash for home improvements, debt consolidation, college
tuitions, and more. Another thing you
will want to look at when considering refinancing is whether or not to lock the
mortgage rate you are quoted. You will also have to consider for how long to
lock the rate.
Debt Consolidation Loan
Debt Consolidation is an excellent way to reduce
your monthly payments while satisfying all of your credit obligations without
the stigma of non-payment or bankruptcy. Debt consolidation
is a viable alternative to bankruptcy and its benefits include: Consolidation of
Debt, Eliminate Creditor Harassment, Reduce Your Pay-Off Time, Lower Your
Monthly Payments, Save on Interest and Late Charges, Plan Your Consolidation.
If you need to borrow money, home
equity lines may be one useful source of credit, as you need
it. Initially at least, they may provide you with large amounts of cash
at relatively low interest rates and they may provide you with certain tax
advantages unavailable with other kinds of loans. (Check with your tax advisor
for details.)
Equity Credit Loan
An Equity Credit Loan is a lump
some loan borrowed from the equity acquired in your home, it can be used for
home improvements, a major purchase, for cash on hand, a vacation, a child's
education or whatever purpose you may need it for.
A Home Improvement Loan can make your house into the
home you've been dreaming of.
It can allow you to make necessary repairs, update
kitchen and/or bathrooms, build an addition or
even add a pool.
These improvements can increase the overall value of your home.
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