E-Loan Provides a verity of different loans including home equity loans. They offer high customer service levels including a decision on your application in 90 seconds, a loan consultants help and your free credit score. Apply now for a Guaranteed lowest cost Guaranteed lowest cost Home Equity Loans

E-LOAN Loan Center Provides a verity of different loans including home equity loans. They offer high customer service levels including a decision on your application in 90 seconds, a loan consultants help and your free credit score. Apply now for a Guaranteed lowest cost Guaranteed lowest cost Home Equity Loans
 

PremierEquity offers one of the best forms of financing available for homeowners - a home equity loan with competitive rates on second mortgages and home equity lines of credit up to 125% of the value of your home.
Apply Now! Second Mortgages up to 125%

If you have good credit, and want to pay off high-rate debt and make just one affordable monthly payment, apply online today and see for yourself how a PremierEquity loan could be the perfect solution. Apply Now! Home Equity Loans up to 125%

Complete a short form and see the names of up to 4 lenders while still on line. Low Cost Lending is FREE  Refinance Your Home

 

Why Home Equity Loans are Popular

The practice of borrowing against the value of a home has skyrocketed in popularity.
There are two key reasons for this surge: low interest rates and tax deductibility.

When tax changes in 1986 eliminated deductions for most consumer purchases, home equity loans became a way to buy goods and still get a deduction.

Let's say you bought your home for $95,000 and made a 20 percent down payment of $19,000. You then took a first mortgage to pay the remaining $76,000. On the day you closed on your home, you automatically had 20 percent equity. You gain equity as you pay off the principal and your home grows in value.

Let's say you've paid $12,000 toward the principal and your property -- valued at $95,000 when you bought it -- is now worth $115,000. Your beginning equity ($19,000), plus the principal you have paid ($12,000) and the increase in your property value ($20,000) gives you $51,000 in equity.

Compare the best home equity loans and refinancing deals online at PaylessBills

Banks and borrowers love it
Home equity is a valuable asset because you can put it to use without having to sell your home. And because most people's domicile is their biggest asset, lenders regard home equity loans as secure. For that reason, interest rates are lower than for other loans.

Home equity products usually have a higher interest rate than first mortgages.  But compare home equity loan costs to your credit card or department store charge cards. Then figure in a tax deduction on your home equity loan, in most cases for up to $100,000 of borrowed money, and you've got yourself a deal.

The scary part is that if you default on the loan, the lender could foreclose on your home. That's why these loans are statistically most suited to stable, middle-aged borrowers. The average home equity customer is 35 to 49 years old with a household income of $83,998, according to the Consumer Bankers Association. Fifty- to 64-year-olds are the second biggest borrowers of home equity.

Most have held the same job and owned their home for about eight years. About 2 percent default on their loans.

"Home equity customers tend to be very good at paying back their loans," says Bill Hampel, chief economist for the Credit Union National Association in Washington, D.C.

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