Press Release Summary = Now everyone can find all the information they want and need about Home Equity Loans.
Press Release Body = http://www.homeequityloandomain.com is a new site that has information about home equity loans, refinancing, second mortgages and home equity quotes and more.
A home equity loan is a loan that uses the equity in a as collateral. The home equity is the part of your home that is actually owned and this is what the loan company uses to guarantee for the loan. It is simple to figure out the equity. Just take the value of the home minus the amount owed on the home and that is the equity. For example, if the home is worth $200,000 and there is a $125,000 mortgage, there is $75,000 of equity in the home.
A home equity loan allows the person to borrow money on the amount that they have in equity. In the example above there is $75,000.00. A home equity loan, also referred to as a second mortgage, reduces the equity or ownership in the home. Just like any loan, since the home guarantees the loan, if the person were to default on the payments, the person may lose the home.
Home equity loans can be used for just about anything a person wants to use it for: anything from home improvements, buying a car, to paying off high interest credit cards. For example, if someone had a $20,000 in credit card debt at 18% and they were monthly payment of $450 (50% more than the minimum payment of $300), it will take you 6 years and 1 month to pay off that debt and they will pay $13,045 in interest. Using a home equity loan at 8%, a person can pay the same amount as before and pay off the loan in 4 years and 4 months and pay $3,732 in interest. Some people say that is not a good idea to pay a debt with a debt but sometimes it can be a better option.
This new site [ http://www.homeequityloandomain.com ] is designed to help people find good information on home equity loans.
For more information please visit: http://www.homeequityloandomain.com
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