Home Equity Line of Credit Resources
Access to cash when you need it
- Home Equity
- Lender Reviews
- Debt Relief Options
- Budget Guide
If you are a homeowner and want to borrow money for any personal need, you have more than one option. You can refinance your current mortgage, increasing the loan balance to the level that gives you the cash you need to accomplish your goals. Another option for getting the cash you desire is to take out a second mortgage. The second mortgage stands in a junior position to your first mortgage. A second mortgage has more stringent qualifying rules than a first mortgage, as well as higher fees, so the lender can protect its higher risk position.
If you have equity you can take cash out of your home. Equity is the amount of value you own in your home. You calculate your equity position by subtracting the amount you owe from the current market value.
Types of Home Equity Loans
Home equity loans are considered second mortgages. There are two options for second mortgages.
1. Standard Mortgage — A standard second mortgage can also be called a traditional Home Equity Loan (HEL). In a standard mortgage loan, you borrow a certain amount of money and pay it back over a fixed term at an interest rate and payment schedule agreed on. This loan disburses the cash to you when the loan closes and you can do with the money as you please. Once the loan closes, your obligations commence. This loan is suited for you, if you need a set amount of money for a specific purpose.
2. Home Equity Line of Credit (HELOC) — A HELOC is a revolving line of credit in which your home serves as collateral. The lender issues you a credit card or checkbook, to make purchases as you see fit and as your needs arise, up to the maximum dollar amount approved. This makes the HELOC a much more flexible product than the standard second mortgage.
Home Equity Loan Risks
Home equity loans are not risk-free. Many Americans have discovered that the drop in home values left them owing more on their home than it is worth. This situation has been exacerbated by aggressive borrowing against equity in their homes. Traditionally, the reasons for taking a home equity loan were to consolidate debt, pay for home improvement projects, or to pay for medical expenses or a child’s higher education needs. Too many people borrowed on their equity to finance purchases that can only graciously be defined as less than necessary. Don’t put your home at risk, by drawing on your home’s equity without good cause and plenty of forethought.
You should choose the type of loan that best fits your specific financial needs. Bills.com makes it easy to compare mortgage offers and different loan types. Visit the Mortgage Refinance Saving Center, to find a loan that meets your needs.
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Can I get a second mortgage from any lender?
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Do I have to live in the home I want to use as collateral for my HELOC?
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How are a home equity line of credit and a second mortgage different?
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How large can my loan be?
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How large will my home equity line of credit monthly payments be?
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Is home equity debt consolidation better?
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What is a 'freeze' on a HELOC?
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What repayment period should I expect on a home equity line of credit?
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What terms are typical for home equity lines of credit?
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Application fee
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Appraisal
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Combined Loan to Value Ratio (CLTV)
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Equity
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First Mortgage
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Fixed Rate Mortgage
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HELOC Draw Period
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HELOC Repayment Period
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Home Equity Conversion Mortgage (HECM)
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Home Equity Line of Credit (HELOC)
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Home Equity Loan
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Interest rate
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Loan to Value Ratio (LTV)
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Points
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Prepayment penalty
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Principal
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Refinancing
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Second Mortgage
Business Ratings and Reviews
Deciding on which company to go with to meet your financial needs? Get the inside scoop on a company and read unbiased consumer ratings and reviews from the Bills.com community. Find out how a company ranks in several customer satisfaction categories to help you find the right provider for your needs. Then help the community out by providing your own reviews.
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Home Equity Basics
Home Equity Basics
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HELOC Second Mortgage
The Difference Between a HELOC, Second Mortgage, or Cash Out Refinance
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Second Mortgage Home Loan
How to Avoid Seven Common Second Mortgage Home Loan Scams
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Home Loan Mortgage Refinancing or Home Equity Loan?
Is a HELOC or Home Loan Mortgage Refinance Right For You?
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Home Equity Loan vs. Home Equity Line of Credit
Home Equity Loan vs. Home Equity Line of Credit
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Second Mortgage Loan
An Introduction to the Second Mortgage Loan
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Refinancing Your Home Equity Line of Credit
Refinancing Your Home Equity Line of Credit
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Refinance Second Mortgage - Rates, Loans and 2nd Refi Tips
Tips to Refinance a Second Mortgage, compare 2nd mortgage rates, terms and solutions to a second mortgage refinance loan.
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HELOC Testimonial
A Personal Look at Home Equity Line of Credit (HELOC)
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Second Mortgage Basics
If you need additional funds and you own a home, you may have the opportunity to borrow against your home through a second mortgage.
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Refinance Second Mortgage
If you have a first and second mortgage you have the option to combine both into a single loan.
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Home Equity Line of Credit
Top 10 Terms to Look For in a HELOC Loan
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HELOC and its Effect on Credit Score
I am thinking to applying for a HELOC for 100k+. I wonder if my FICO score will be effected?
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Mortgage Refinance & Debt
Learn the pros and cons of paying off credit card debt with a home mortgage refinance loan.
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Buy a Home with an FHA loan
Learn How An FHA-Insured Loan Can Benefit You, When You Are Looking to Buy a Home.
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Bank of America Refinance
Should I refinance my home with Bank of America?
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Debt Consolidation
Debt Consolidation and How to Consolidate Debt - Tips and Advice to Help You Make a Wise Decision.
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Refinance My Home
"Help Me Refinance My Home" -- What you need to know.
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US Bank No Closing Cost Refinance
Can I get a no closing cost refinance with US Bank if I'm a customer?
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Debt Relief
Debt Relief Options | Learn about and compare all debt relief options, including: Debt Consolidation, Credit Counseling, Debt Settlement and Debt Relief Consolidation Loans - Compare All of Your Debt Relief Options for free at Bills.com.
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Fifth Third Bank Mortgage
At Fifth Third, we work hard to be a successful, principled, involved financial institution that serves its customers and community. Since its beginning, Fifth Third has provided superior customer service and followed sound banking principles.
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Washington Mutual
Washington Mutual offers mortgage loans across the western United States. See how they are rated by Bills.com and by their own users.
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Government Debt Relief
What you need to know about Government Debt Relief and Grants.
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US Bank Home Mortgage
US Bank Mortgage is home of the Five Star Service Guarantee. See what Bills.com rated US Bank Mortgage, and add your own personal feedback and rating.
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HSBC Mortgage
HSBC Bank USA Inc. is one of the nation\'s 10 largest banks. HSBC Mortgage offers a full suite of mortgage and refinance loan products. Read what our users have said and how they rated HSBC Mortgage.
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Bank of America Mortgage
As one of the nation's mortgage leaders, Bank of America Mortgage maintains strong client relationships with responsiveness, innovation, and market knowledge. Bank of America offers a variety of loan products, including home purchase and refinance loans.
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Debt to Income Ratio
What is the maximum debt to income ratio one can have when getting a loan.
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Credit Counseling
Learn the Pros and Cons of Credit Counseling Services, and How to Make Credit Counseling Work For You.
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Chase Mortgage
Chase Mortgage is committed to building vibrant communities, preserving our environment and promoting an inclusive culture that benefits our shareholders, customers, employees, neighbors and future generations.
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Consolidate Debt
Consolidate Debt & Consolidate Bills: The Debt Tips You Need to Know.
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PHH Mortgage
PHH Mortgage is one of the top ten originators of retail residential mortgages in the United States. Their goal is to provide you with the superior service you deserve, guaranteed.
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FICO Score Calculation
How do I figure my FICO score?
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Home Refinance Options
Explore Your Options to Tapping Into Your Home Equity Including a Cash-Out Refinance or HELOC.
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Can a bank cancel my HELOC
I am current on my HELOC payments. Can my bank cancel my HELOC?
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HELOC Payment
Is my bank violating my HELOC contract by applying payments to late fees first and then the interest second?
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Short Sale on HELOC
I have only a HELOC on my townhouse, but the balance is greater than the market value of the property. What are my options?
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Refinance 15-Year HELOC
Should I refinance my 15-year HELOC if we are three years into the loan? What are my options?
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HELOC
What is a HELOC and how does it work?
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HELOC Foreclosure
What will happen if I default on my HELOC loan?
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Is My HELOC a Recourse or Non-Recourse Loan in California?
My first mortgage is a non-recourse loan, but what about my HELOC? How does the Mortgage Forgiveness Debt Relief Act help me?
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Dealing with a Mortgage & HELOC in Probate
My spouse died and was the mortgage holder. How can I settle with the bank if my name is not on the note?
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Refinance or Draw on a HELOC
I need money to pay for kids tuition, I have good equity in my house, which is better: cash out refi or a HELOC?
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1st Mortgage or HELOC
We have a home paid for by cash, we need to make some repairs. What would be better, a 1st mortgage or a HELOC?
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Use Rental Income to Make HELOC payments
My rent income is not enough to pay my mortgage, I also have a HELOC, can I put the rent money there and use it as a checking?
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Bankruptcy on HELOC After Foreclosure
Is there any recourse for my second mortgage lender to come after the funds if I file for bankruptcy after foreclosure?
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Will a large unused HELOC hurt your credit?
I was told that we have too high of a home equity line of credit ($475k), but it was never used. Will it hurt my credit score?
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HELOC in Default
What recourse does a Bank have on a defaulted home equity line of credit?
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HELOC and its Effect on Credit Score
I am thinking to applying for a HELOC for 100k+. I wonder if my FICO score will be effected?
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Mortgage or HELOC to Remodel Home
Our plan is to convert our garage into a bedroom my 82 year old mother in law. What is the best type of loan for her?
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Balance Transfer and HELOC Debt
I have a $20,000 balance on my home equity line of credit through my bank. Can I transfer that balance to a 0% credit card?
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HELOC Payoff
I need help paying off a heloc loan. I didn't understand what it was at the time I was trying to buy my home
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Sub-Prime Loan Debt Consolidation
Will a subprime home equity line of credit to consolidate credit card debt improve my FICO score?
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Home equity to pay student loan debts
Should we get a Home Equity Line Of Credit to do home improvements and pay off student loans?
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Home Equity
Can you explain what home equity is, please?
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2nd Mortgage and PMI
How do I compare PMI (Mortgage Insurance) to getting a 2nd Loan?
