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A home equity loan is a loan that uses your home as collateral. Your home equity is the part of your home that you actually own and this is the guarantee for your loan.
Your home equity is calculated by taking the current value of your home and subtracting your mortgage....
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A home equity loan can be used for anything from paying off high-interest credit card debt, to home improvements to buying a car. The best uses of a home equity loan improve your financial situation, your home or your future and these include debt consolidation, home...
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There are two basic types of home equity loans: the standard home equity loan and a home equity line of credit. Another way of borrowing against home equity is cash-out refinancing.
The Standard Home Equity Loan
A standard home equity loan, (also called a term loan, a...
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Your credit rating is a measure of the risk you pose to a lender when you borrow money. Your credit rating will help determine whether or not you qualify for a home equity loan, how much you will be charged in interest and fees, and how much you can borrow.
Your credit...
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The cost of a home equity loan is made up of interest and fees. The APR, or annual percentage rate, is the single most important thing to compare when shopping for a home equity loan because it takes into account both interest and fees. The APR, which is expressed as a yearly...
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Truth in Lending Act
When you apply for a home equity loan, certain information must be provided to you. The federal Truth in Lending Act (TILA) requires lenders to disclose the following: the terms and cost of the loan including the annual percentage rate, points, fees and...
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