your equity for: Refinancing Home
use a home equity loan
with a 10-15-20 year repayment plan - use the loan to refinance your mortgage with zero closing costs.
|Loan Type:||home equity fixed-rate loan|
|Line Amounts:||at least 80% LTV for best rate: calc your LTV|
|Draw Period:||request a 10-15-20 year repayment term|
|No Restrictions:||make sure the loan has no pre-payment penalities|
|| or dial: 1-877-777-1370|
Using Your Equity May be a Better Way
How about using the existing equity in your home to payoff your mortgage.
Let's illustrate an example:
- Let's say your existing home has an estimated market value of $250,000.
- The amount remaining on your first mortgage loan is $150,000.
- Instead of refinancing and paying all of those upfront closing costs, how about doing something like this:
Estimated Market Value: $250,000 $250,000 $250,000 Percentage LTV: 70% 80% 90% Percentage of Market Value: $175,000 $200,000 $225,000 Amount to Payoff Your Mortgage Debt: $150,000 $150,000 $150,000 Remaining Equity: $25,000 $50,000 $75,000
You will find that most banks charge zero closing costs with minimal hassle.
You simply apply for an equity loan with a participating lender and instruct the lender to use the equity in your home to payoff your mortgage.
Note that interest rates at 80%LTV or lower for large borrowing amounts come with very attractive rates. And many lenders offer up to 15, 20 and in some cases, 30-year repayment plans.
You can even use your excess equity to:
- remodel your home
- finance a new car, truck or recreational vehicle
- consolidate your loans
- put a child through college
Unlike traditional refinancing programs where you pay a lot to refinance your home, consider using the equity in your home to payoff your mortgage saving you all of the upfront mortgage refinancing costs.
Home Equity Uses-Tips
|How Long to Payoff Your Loan|