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Home Equity Loan

Home equity loan

From Wikipedia, the free encyclopedia.

A home equity loan is a type of loan in which the borrower uses the equity in his home as collateral . These loans are sometimes useful for families to help finance major home repairs, medical bills or college educations.

Closed end home equity loan

The borrower receives a lump sum at the time of the closing and cannot borrow further. It is possible to borrow up to 100% of the assessed value of the home, less any liens . These fixed rate loans can be amortized up to 15 years with a 3, 5, or 7-year balloon payment . When the balloon balance is due, the borrower can pay off the balance or refinance .

Open end home equity loan

This is a revolving credit loan where the borrower can choose when and how often to borrow against the equity in the property. Like the closed end loan, it may be possible to borrow up to 100% of the value of your home, less any liens. These lines of credit are available up to 30 years at a competitive variable interest rate . The minimum monthly payment can be as low as only the interest that is due.

Both are usually referred to as second mortgages , because they are secured against the value of the property, just like a traditional mortgage. Home equity loans and lines of credit are usually for a shorter term than first mortgages. Some people are able to deduct home equity loan interest on their personal income taxes .

iSNARE Free Articles Directory

67 WALL STREET, New York - July 28, 2010 - The Wall Street Transcript has just published its Real Estate Investing and Other Investing Strategies Report offering a timely review of the sector to serious investors and industry executives. This feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is ... [read more]

ROCKVILLE, Md.----Washington Real Estate Investment Trust reported financial and operating results today for the quarter ended June 30, 2010: Funds From Operations was $0.50 per diluted share compared to $0.53 per diluted share in the same period one year ago. [read more]

Pure Industrial Real Estate Trust today announced the successful closing of a single tenant, income-producing industrial property that was previously announced on July 23rd, 2010 for a total purchase price of $14,800,000. [read more]

ROCKVILLE, Md.--(BUSINESS WIRE)--WRITs Board of Trustees announced today a quarterly dividend of $.4325 per share to be paid on September 30, 2010 to shareholders of record on September 14, 2010. This is WRITs 195th consecutive quarterly dividend at equal or increasing rates. WRIT dividends have remained equal or increased for 48 consecutive years. WRIT is a self-administered, self-managed ... [read more]

DETROIT, July 29 (UPI) -- One of Detroit's grand symbols of wealth, a 13,777-square-foot home with opulent landscaping, is facing a foreclosure auction, legal filings show. Foreclosure - Business - Real estate - Auction - Investing [read more]

What you need to know about Carlos Slim Helu's record-breaking purchase. [read more]

SAN DIEGO, July 28 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc. (NYSE: BMR), a real estate investment trust focused on Providing Real Estate to the Life Science Industry®, today announced financial results for the second quarter ended June 30, 2010. Second Quarter 2010 Highlights Generated total revenues for the second quarter of $92.9 million, up 7.9% from $86.1 million in the same ... [read more]

Angelo, Gordon & Co., the manager of $23 billion of investments in fixed income, real estate, buyout and hedge funds, won a $100 million pledge from Oregons state pension for an Asian property fund. [read more]

Report: Most large US metro areas saw spike in foreclosure warnings between January-June Foreclosure - Real estate - United States - Business - Investing [read more]

A group led by Hong Kong billionaire Li Ka-shings Cheung Kong Infrastructure Holdings Ltd. has offered to buy Electricite de France SAs U.K. power networks unit for 5.8 billion pounds ($9.1 billion). [read more]

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