Welcome to Mortgage Loans Guide
Orange County Mortgage Loans Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Comprehending Mortgage Equity Loans
from: There are times when you find yourself in desperate need of money, whether it is to finance a college education, on-going house renovations, hospital bills or any other reason. Although there are other options available for you to address this need, one very viable option that you should consider is take on mortgage equity loans.Mortgage equity loans, or commonly known as home equity loans, are loans that you take against the equity of your home. Mortgage equity loans are usually second lien loans. Second liens mean they are second in line to be paid, such that when your finances are in trouble, whatever you have left will be paid to your first loan. And if there is an excess after payment is made to your first loan, then it will be paid to your second loan, in this case, your mortgage equity loans.
By taking on mortgage equity loans, you are reducing your home’s equity value. In order for you to avail of this type of loan, you have to have a good credit history and enough equity in your home.
Mortgage equity loans come in two types – closed end and open end.
Closed End Equity Loan
In the closed end equity loan, you will receive one lump sum of money when the loan is closed. You will not be able to borrow more money. The maximum amount that can be loaned may reach up to 100%, or even more in the case of over equity loans. However, the approval of this loan is directly affected by your income, credit history, and the value of your home.
Closed end loans have fixed interest rates that can be amortized up to 15 years. To reduce amortization, balloon payments can be made depending on the loan conditions.
Open End Equity Loan
This loan is commonly called home equity line of credit (HELOC). In this case, you can choose when you are going to borrow against the equity in the property. The credit limit of this type of loan is initially set by the lender according to the variables similar to close end loans. As with the closed end equity loan, you can borrow up to 100% of the loan amount.
Payment for this type of loan has a variable interest rate and the loan period can reach up to 30 years.
From the two types of mortgage equity loans, it is up to you to choose which you want to avail of. Just note that when you take equity loans, there are certain fees assessed to them.
Orange County Mortgage Loans News
Zillow: 31.4% of US homeowners are underwater on mortgages - Los Angeles Times
Zillow: 31.4% of US homeowners are underwater on mortgages Los Angeles Times By Tiffany Hsu Nearly 16 million homeowners – not quite a third of people with mortgages – owe more on their home loans than their properties are worth, according to real estate site Zillow. Of all homeowners in the US, 31.4% were underwater in the ... |
Mortgage rates hit 4th straight record low - OCRegister
Mortgage rates hit 4th straight record low OCRegister You can buy a 30-year fixed rate mortgage at 3.375 percent and 1 point. That is a conforming loan amount up to $417000 for well-qualified borrowers. WHAT I THINK: In the past 45 days sales prices have jumped 10 percent in Orange County in respect to ... |
Half of local FHA borrowers made $100000-plus - OCRegister
Half of local FHA borrowers made $100000-plus OCRegister By JEFF COLLINS / THE ORANGE COUNTY REGISTER Nearly one out of every two Orange County loans made by a government program started for low-income house shoppers went in 2010 to local homebuyers earning $100000 or more, a George Washington University ... |
Fraud Alert Issued to the Armed Services Community to Aid in Fighting HAMP ... - LoanSafe
Fraud Alert Issued to the Armed Services Community to Aid in Fighting HAMP ... LoanSafe The areas with the lowest industrial vacancy rates currently are Orange County, Calif., with a vacancy rate of 4.7 percent; Los Angeles, 5.0 percent; and Miami at 7.2 percent. Annual industrial rent is expected to rise 1.6 percent in 2012 and 2.4 ... |
Sales of Previously Owned Homes Rise 3.4% in April - LoanSafe
 Globe and Mail | Sales of Previously Owned Homes Rise 3.4% in April LoanSafe He cited Washington, DC, as one example, as well as the harder-hit foreclosure areas of Phoenix, Miami, and Orange County, Calif., where for the last year investors have gobbled up distressed housing as fast as it comes on the market, ... Sales of existing homes increase in April Recovery News: U.S. Home Sales Up 3.4% in April NAR Declares Start to Housing Comeback |