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Fast Home Equity Loans

Getting one's hands on an extra pile of cash has seldom been easier for homeowners than it is today, thanks to the recent deluge of fast home equity loans offers. Indeed, both lines of credit and traditional home equity loans, or second mortgages, can help make planned house repairs and additions a reality.

Yet consumers should consider several things before jumping into either financing product, experts say. That's because home equity lines of credit typically are a good deal for those who want a lower up-front rate and access to money at unpredictable times. However, home equity loans are better suited to those who need a specific amount of money and payment stability.

Both lending devices use a borrower's house as collateral, with lenders in either case assessing the property to determine how much they are willing to extend. The amount is determined by taking the assessed value and multiplying by a percentage figure, known as the loan-to-value ratio. Traditionally as high as 80 percent, that maximum ratio climbed to just over 90 percent in 1997.

For example, a lender evaluating a $100,000 house with $40,000 still outstanding on the first mortgage would multiply its value by 90 percent. The company would then take the $90,000 result, subtract the outstanding debt, and allow the borrower access to as much as $50,000 in credit.

Closing costs: Once the amount to be borrowed is set, a homeowner should next consider closing costs, which lenders say are roughly the same for both loans and credit lines. Borrowers may pay as little as $150 or as much as $800, though banks will sometimes waive fees for those who carry a large enough outstanding balance or maintain one for a sufficient amount of time.

Internet is your ultimate resource to find the fast home equity loans. Go online and get free quotes from leading lenders to choose a plan that fits your bill the most.

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