Categories

A sample text widget

Etiam pulvinar consectetur dolor sed malesuada. Ut convallis euismod dolor nec pretium. Nunc ut tristique massa.

Nam sodales mi vitae dolor ullamcorper et vulputate enim accumsan. Morbi orci magna, tincidunt vitae molestie nec, molestie at mi. Nulla nulla lorem, suscipit in posuere in, interdum non magna.

Best Home Loan Down Payment Assistance Options Available In Loan Love’s New Article

SAN DIEGO, Calif., May 31, 2014 /Emag.co.uk/ — LoanLove.com is a borrower advice website that strives to empower home loan borrowers with first class information, valuable resources and connections to top rated industry professionals. Their articles offer in-depth knowledge in an easy to understand package which has quickly turned the website into a trusted destination for current news and expert loan advice. Down payment can be hard to come by for home buyers, and the experts at Loan Love know this. In their latest featured article, titled “Home Loan Down Payment Assistance (Know Your Options)” Loan Love offers to readers only the best home loan down payment assistance options among other financial advice tips.

A home down payment is nothing to scoff at, as the article states: “Pulling together a sizable stash of cash can sometimes stop a prospective homebuyer in his or her tracks. Unless you qualify for certain loan programs that require little money down, you’ve probably found coming up with your down payment to be the biggest challenge standing between you and home ownership. But there are several avenues to consider for home loan down payment assistance.”

The article goes on to say that before a home buyer searches for home down payment assistance, they must consider their options carefully. Specifically, ome buyers must first ask themselves the following four questions:

  1. “Are you able to verify beyond any doubt that the source of your down payment is legal and not a scam?
  2. Has your bank lender or mortgage broker confirmed that your potential source is an approved one, according to the rules of your particular loan program?
  3. Have you reviewed your plan with a certified public accountant to determine impacts on your taxes and/or retirement account, as applicable?
  4. Are you prepared to keep a detailed paper trail of any transactions for both your lender and for tax purposes?”

With that in mind, there are many low-risk options when it comes to down payment, home owners only need to know where to look first. The article shows a number of ways home buyers can get a down payment on a home which includes:

“Investigate state and local housing incentives. Depending on your location and situation, there may be state and local housing incentives, grants or special loan programs available to you. These change frequently, but your real estate agent is an excellent source for this type of information. Maximize your savings. The traditional route for coming up with a down payment is to save a specific amount each month until you’ve got enough to get financing. Automatic deposits into your savings account out of each paycheck is a convenient way to grow your savings. Liquidate unnecessary assets. Do you have a boat, jet ski, cycle or other toys? Now is the time to consider sacrificing a few of these goodies in the short-term to make your longer-term dream of home ownership come true. Sell off other investments. If you have stocks, mutual funds, bonds and other taxable investments, sell these before you consider sources that carry tax penalties, like dipping into your 401(k).”

Other opportunities are also available for easing a down payment. An example of this is borrowing from a 401(k). Other opportunities include negotiating with the seller of the home. These are just a few ways to make the home down payment process easier. To learn more on what are some the best home down payment assistance options available, please visit LoanLove.com for the complete article.

Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, contact@loanlove.com

News distributed by PR Newswire iReach: Emag.co.uk.com/” rel=”nofollow” target=”_blank”>https://ireach.Emag.co.uk.com

SOURCE LoanLove.com

http://loanlove.com/home-loan-down-payment-assistance-know-your-options/

[…]

Home Loan Down Payment Strategies Discussed At LoanLove.com


Home Loan Down Payment Strategies Discussed At LoanLove.com

A new guide to home loan down payment assistance helps borrowers find the best ways to finance their homes.

San Diego, CA (PRWEB) May 28, 2014

LoanLove.com is a borrower advice website dedicated to helping home buyers to find loans that they will love. One of the first things that those seeking to buy a home will have to contend with is gathering enough cash to put down a down payment on their home, unless of course they were able to qualify for a no or low-down payment loan program, such as the VA provides for example. While getting off scot-free when it comes to down payment on a home is a possibility for some home buyers, the fact is most home buyers will need to look into what home loan down payment strategies are available to them, in order to be able to afford their house without suffering too much financially in other ways. A new article from Loan Love takes a look at some home buyer down payment assistance strategies that can help home buyers find their best options.

The new guide, titled “Home Loan Down Payment Assistance (Know Your Options)” explains that coming up with the money for a down payment can be one of the most challenging parts of buying a home. However, before potential home buyers jump at any chance to get their hands on that money, the Loan Love guide suggests that they ask these four questions: “1. Are you able to verify beyond any doubt that the source of your down payment is legal and not a scam? 2. Has your bank lender or mortgage broker confirmed that your potential source is an approved one, according to the rules of your particular loan program? 3. Have you reviewed your plan with a certified public accountant to determine impacts on your taxes and/or retirement account, as applicable? 4. Are you prepared to keep a detailed paper trail of any transactions for both your lender and for tax purposes?”

Loan Love then suggests that those who are seeking home loan down payment assistance try one or more of the following low risk options:

“Investigate state and local housing incentives. Ask friends and family. Maximize your savings. Liquidate unnecessary assets. Sell any stock options. Sell off other investments. Cash in a life insurance policy. Check with your employer.”

Some other options that home buyers can check into if the above suggestions do not yield results are also discussed. These home loan down payment assistance options do carry a bit more risk, or are more heavily taxable etc. but they can be good options for those who are prepared to take on the responsibility. For those who are, Loan Love suggests to:

“Ask your lender. Negotiate with your seller. Bank with your seller. Tap your IRA. Borrow from your 401(k). Time a job change.”

For a fuller explanation on the bullet points listed here, read the full home loan down payment assistance guide at LoanLove.com.


[…]

Cash Out Refinance Loan Guide Now Available At LoanLove.com


Cash Out Refinance Loan Guide Now Available At LoanLove.com

Loan Love’s new cash out refinance guide can help borrowers to understand the pros and cons of this potentially very useful loan type.

San Diego, CA (PRWEB) October 28, 2013

LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. Loan Love is able to provide loan borrowers with the essentials when shopping for any particular loan. One of the loan types that was recently covered in a guide from Loan Love is the cash out refinance loan.

The article explains that while it used to be commonplace for people to strive to pay off their mortgages in full as fast as possible so that they could live in their homes free and clear, the thinking on this has changed quite a bit over the years. Nowadays it can often be more beneficial to continue to pay mortgage payments, thanks to tax laws that allow deductions for mortgage interest. Also, while in the past tapping into home equity was nearly impossible (thus eliminating any incentive to refinance a mortgage if the term was already up) now it is easier than ever with equity loans, lines of credit, and of course, cash out refinances.

So, just what is a cash out refinance? The Loan Love article states: “The concept is actually pretty simple: As you pay off your mortgage – and if your home increases in value, as most homes tend to do in “normal” housing markets – eventually, you’ll have a significant gap between what you owe on your home and what it’s worth; that’s the equity that’s freed up in a cash-out refinance. A cash-out refinance lets you refinance the terms of your loan and place a new and bigger mortgage on it, enabling you to have access to that equity. For instance, say you have a mortgage of $150,000 remaining on your home. Over time, the value of your home has increased to $250,000. That $100,000 difference is the equity you have in your home, and thanks to the cash-out refinance, it could be burning a hole in your pocket in just a few weeks.”

There are many reasons people usually use cash out refinances to tap into their equity. Some of these reasons may include: college tuition, wedding expenses, medical expenses, purchasing an investment property, starting a new business, or for home renovations (which would increase the home’s equity in the process.) The article ends by saying: “No matter what the reason, that equity is your money. Why keep it locked up in your house? A cash-out refinance means you can access that value and still save money by taking advantage of today’s low rates.”

For the full cash out refinance guide, please visit LoanLove.com.


[…]

Cash Out Refi Vs Heloc Debate Discussed In LoanLove.com's New Featured Article

SAN DIEGO, Oct. 26, 2013 /PRNewswire-iReach/ — LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. Loan Love’s many guide videos and articles are catered to the needs and inquiries readers may have regarding the mortgage world. One of these articles is now featured on the Loan Love website, titled “Cash Out Refinance vs Home Equity Loan (Key Differences).” In this article, Loan Love assesses the cash out refi vs heloc debate while helping loan borrowers understand the benefits (and drawbacks) associated with both loans.

First, how a cash out refinance loan distinguishes itself from a home equity line of credit can be seen in few ways. Loan Love gets straight to the point in explaining the differences between the two with the following statement from their article: “First thing to know: While both a refinance loan and a home equity loan will let you access your home’s equity, they differ in the way they “attach” themselves to your property. A refi loan is simply a brand-new mortgage that replaces your old mortgage, while a home equity loan is a loan in addition to your existing mortgage. That means that with a home equity loan, you’ll still be paying your regular mortgage and you’ll also need to pay the monthly payment for your home equity loan.”

How this can benefit loan borrowers is further explained in the article: A home equity line of credit for instance, is generally preferred over a cash out refinance loan for the lack of closing costs attached to them. Loan Love says: “Home equity loans have no closing costs, and that can mean a savings of hundreds – even thousands – of dollars compared to a cash-out refinance loan, which typically comes with all the same closing costs as a purchase mortgage.”

Meanwhile, a cash out refi loan supports lower interest rates as a loan. Being a first-position loan, or in other words the primary loan of a borrower’s home, shopping for a cash out refinance loan is the same as shopping for any other mortgage loan. This gives loan borrowers access to the same low interest rates as well.

Before loan borrowers get too hasty with shopping for the first loan product they can find however, Loan Love advises readers to examine a few things such as budget limitations. There is no point in taking a home equity loan if a loan borrower will be weighed down with additional payments added alongside previous mortgage loans that are too much to handle. In addition, a cash out refinance loan may not be for everyone. The article reads:

“Likewise, if you don’t have plans to stay in your home for several years, paying all those closing costs that are associated with a refi loan may not make sense either. And if you’ve been paying on your home for a long time – say, 20 years of a 30-year mortgage – it may not make sense to refinance either, since you’d be at the point where your payments are being applied mostly to the principal (in plain English, you’d be building equity more quickly).”

What’s important to remember is that researching each loan while shopping and crunching in numbers with a mortgage calculator can help loan borrowers immensely. Taking time to do these steps can often help save a lot money for loan borrowers in the end. For more information, please visit LoanLove.com for the full cash out refi vs. heloc article.

Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, contact@loanlove.com

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

[…]

Cash Out Refinance Advice Offered With Loan Love's New Article Guide

SAN DIEGO, Oct. 24, 2013 /PRNewswire-iReach/ — LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. Loan borrowers can be certain to find the latest scoop on mortgage loan news on with Loan’s Love many tip articles and guide videos on their website. One such featured article, titled “Cash Out Refinance vs Home Equity Loan (Key Differences)” helps readers identify the differences between a cash out refinance loan and a home equity loan with their advantages and disadvantages while offering some cash out refinance advice for those wish to tap into their home’s equity.

The article begins by saying: “Thinking of tapping into your home’s equity for a major expenditure like home renovations, college expenses or to pay back high-interest debts? Unsure whether a cash out refinance loan vs a home equity loan is a better choice for you? Fret no more, ’cause we’re about to lay down a little pro-con information that will help you understand which is the right one for you. First thing to know: While both a refinance loan and a home equity loan will let you access your home’s equity, they differ in the way they “attach” themselves to your property. A refi loan is simply a brand-new mortgage that replaces your old mortgage, while a home equity loan is a loan in addition to your existing mortgage. That means that with a home equity loan, you’ll still be paying your regular mortgage and you’ll also need to pay the monthly payment for your home equity loan.”

That being said, the article establishes there are a few pros and cons when working with either loan type. For instance, a cash out refinance loan would require some home planning before deciding to take on the loan. High closing costs can often be associated with a cash out refinance loan. This can lead to home buyers planning to move in few years possibly having to pay more on these closing costs than what the loan is actually worth. Loan borrowers who are close to paying of their mortgage loans may also want to examine their other options before considering a cash out refinance loan. Because home equity builds up faster after paying off a mortgage, home equity growth can suffer when refinancing to a new mortgage.

On the other hand, while home equity loans do not have any closing costs attached, they do have their drawbacks. Being an additional loan added to a current existing mortgage, borrowers will be faced with many additional expenses on top of what they are already required to pay monthly. Obviously, loan borrowers struggling to maintain their mortgage payments may want to steer away from a home equity loan or else they may end up being charged with more than what they can handle.

As a last reminder to readers, the article concludes by saying: “Sadly – for you – what it usually comes down to is crunching the numbers. So shop around, take advantage of available calculators, and take the time to make sure the loan you choose is the smartest financial move for you.” To learn more information on home equity loans and cash out refinance advice, please visit LoanLove.com for the full article.

Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, contact@loanlove.com

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

[…]

Cash Out Refinance Vs. Home Equity Loan Guide Available At LoanLove.com

San Diego, CA (PRWEB) October 23, 2013

LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in an easy to understand and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. Loan borrowers can be assured they are getting the most current news in the mortgage world with Loan Love’s guide videos and articles as shown in their newest featured article “Cash Out Refinance vs Home Equity Loan (Key Differences).” This new article guide highlights the cash out refi vs heloc debate by citing the advantages and disadvantages when working with either loan.

The Loan Love loan guide says: “Thinking of tapping into your home’s equity for a major expenditure like home renovations, college expenses or to pay back high-interest debts? Unsure whether a cash out refinance loan vs a home equity loan is a better choice for you? Fret no more, ‘cause we’re about to lay down a little pro-con information that will help you understand which is the right one for you. First thing to know: While both a refinance loan and a home equity loan will let you access your home’s equity, they differ in the way they “attach” themselves to your property. A refi loan is simply a brand-new mortgage that replaces your old mortgage, while a home equity loan is a loan in addition to your existing mortgage. That means that with a home equity loan, you’ll still be paying your regular mortgage and you’ll also need to pay the monthly payment for your home equity loan.”

The article goes on to explain that the one of the biggest advantages of a cash out refi is that the interest rates are usually lower. This is because it is the primary loan on the home. Borrowers should shop for a refinance in the same way they would any other mortgage. They will have access to the same low rates as those who are buying homes. On the other hand, the biggest advantage of home equity loans is that they have no closing costs. This is the opposite of the refi, which may come with pricey closing costs (usually the same costs which are associated with normal mortgages) which is actually the biggest con of cash out refinances. The zero closing costs of home equity loans may translate to hundreds or even thousands of dollars saved.

The article goes on to say: “Now, that said, there are a couple of common sense elements to take into consideration. First, if you can’t afford a monthly home equity payment on top of your existing monthly mortgage payment, a home equity loan is not for you. What’s more, unless you really, really need the money, a refi loan typically doesn’t make sense if it means you need to pay a higher interest rate than the rate on your current mortgage. Likewise, if you don’t have plans to stay in your home for several years, paying all those closing costs that are associated with a refi loan may not make sense either. And if you’ve been paying on your home for a long time – say, 20 years of a 30-year mortgage – it may not make sense to refinance either, since you’d be at the point where your payments are being applied mostly to the principal (in plain English, you’d be building equity more quickly).”

In the end, determining which is the best option comes down to crunching the numbers. Loan Love advises their readers to take their time to shop around and take advantage of mortgage calculators to help them to make the best financial move.

For more information, please read the full guide on LoanLove.com.


[…]

Cash Out Refi Vs Heloc: LoanLove.com's New Guide To Analyzing The Pros And Cons Of Each Loan

SAN DIEGO, Oct. 18, 2013 /PRNewswire-iReach/ — LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. Loan borrowers can be assured they are getting the most current news in the mortgage world with Loan Love’s guide videos and articles as shown in their newest featured article “Cash Out Refinance vs Home Equity Loan (Key Differences).” This new article guide highlights the cash out refi vs heloc debate by citing the advantages and disadvantages on both sides when working with either loan.

How a cash out refinance loan separates itself from a home equity line of credit can be seen in a few ways. The Loan Love article demonstrates this with the following statement: “First thing to know: While both a refinance loan and a home equity loan will let you access your home’s equity, they differ in the way they “attach” themselves to your property. A refi loan is simply a brand-new mortgage that replaces your old mortgage, while a home equity loan is a loan in addition to your existing mortgage. That means that with a home equity loan, you’ll still be paying your regular mortgage and you’ll also need to pay the monthly payment for your home equity loan.”

Now, how these loans can benefit loan borrowers can be seen in distinctly two ways. For instance, a home equity line of credit (heloc) can be favored over a cash out refinance loan for one reason: closing costs. Generally speaking, home equity loans usually support no closing costs which can help loan borrowers save thousands of dollars compared to a cash out refinance loan – a loan that usually comes with all the same closing costs of a purchase mortgage.

On the reverse side, a cash out refi loan will commonly have lower interest rates. This is usually the case since a cash out refinance loan is considered a first-position mortgage loan, or in layman’s terms, the primary loan of a borrower’s home. As a result, interest rates for a cash out refi tend to be lower.

That being said, there are a few things to consider before deciding on which loan is best for a loan borrower. For instance, borrowers should be fully aware if they are financially capable of taking on the financial burden of a loan. Can the loan borrower handle an additional home equity loan alongside other current mortgage obligations? If not, a heloc may not be the right choice for a loan borrower. To add to the debate, the article also expresses the following:

“What’s more, unless you really, really need the money, a refi loan typically doesn’t make sense if it means you need to pay a higher interest rate than the rate on your current mortgage. Likewise, if you don’t have plans to stay in your home for several years, paying all those closing costs that are associated with a refi loan may not make sense either. And if you’ve been paying on your home for a long time – say, 20 years of a 30-year mortgage – it may not make sense to refinance either, since you’d be at the point where your payments are being applied mostly to the principal (in plain English, you’d be building equity more quickly).”

It all comes down to what the loan borrower needs for their financial setup and if they are capable of handling the loan. Taking time to crunch out the numbers with some loan calculators can really help borrowers benefit from their mortgage options. For more information on the cash out refi vs heloc debate and to avail on their loan calculators, please visit LoanLove.com.

Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, contact@loanlove.com

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

[…]

Cash Out Refinance Advice Given In A New Guide From LoanLove.com


Cash Out Refinance Advice Given In A New Guide From LoanLove.com

Loan Love helps borrowers decide if a cash out refinance is the best choice for them with a newly posted article.

San Diego, CA (PRWEB) October 18, 2013

LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. To help loan borrowers get the latest scoop on mortgage loan news, the loan advice website is constantly providing readers with guide videos and articles when it comes to their mortgage inquiries. Their newest featured article continues to provide the most up to date and relevant information by providing cash out refinance advice for those who wish to get access to their home’s equity.

The article says: “Thinking of tapping into your home’s equity for a major expenditure like home renovations, college expenses or to pay back high-interest debts? Unsure whether a cash out refinance loan vs a home equity loan is a better choice for you? Fret no more, ‘cause we’re about to lay down a little pro-con information that will help you understand which is the right one for you. First thing to know: While both a refinance loan and a home equity loan will let you access your home’s equity, they differ in the way they “attach” themselves to your property. A refi loan is simply a brand-new mortgage that replaces your old mortgage, while a home equity loan is a loan in addition to your existing mortgage. That means that with a home equity loan, you’ll still be paying your regular mortgage and you’ll also need to pay the monthly payment for your home equity loan.”

The article then goes on to point out some of the bigger pros and cons of each loan type. For example, for those considering a cash out refinance, it would be wise to consider how long they plan to stay in their homes, as the high closing costs of these loans would mean that those planning to move in a few years would probably be paying more on these costs than the loan is worth. Those who are close to paying off their mortgages might also want to consider other options, as they will be building equity faster at this stage of their loan and may not want to hurt that by refinancing to a new mortgage.

While home equity loans do not have the associated closing costs that refinances have, they do have their cons as well. Since it is an additional loan, this means that those who opt for home equity loans will need to be able to pay the additional expenses on top of what they are already paying with their monthly mortgage payments. This will obviously make this a bad choice for those who are already struggling to keep up with their monthly payments.

The Loan Love article ends by saying: “Sadly – for you – what it usually comes down to is crunching the numbers. So shop around, take advantage of available calculators, and take the time to make sure the loan you choose is the smartest financial move for you.”

For more information on what to look for when choosing between cash out refinances and home equity loans, please visit LoanLove.com for the full article.


[…]

Cash Out Refinance VS. Home Equity Loan – LoanLove.com Discusses The Differences


Cash Out Refinance VS. Home Equity Loan – LoanLove.com Discusses The Differences

A recent article from Loan Love helps borrowers decide what the best way to access their home equity is.

San Diego, CA (PRWEB) October 17, 2013

LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. To help loan borrowers get the latest scoop on mortgage loan news, the loan advice website is constantly providing readers with guide videos and articles when it comes to their mortgage inquiries. Their newest featured article titled “Cash Out Refinance vs Home Equity Loan (Key Differences)” addresses both refinance and home equity line of credit advantages and disadvantages.

First of all, the article explains that, while both loan options will allow the homeowner to gain access to the equity they have built in their home, each loan type has its own set of pros and cons that should be considered. The article says:

“A refi loan is simply a brand-new mortgage that replaces your old mortgage, while a home equity loan is a loan in addition to your existing mortgage. That means that with a home equity loan, you’ll still be paying your regular mortgage and you’ll also need to pay the monthly payment for your home equity loan. The biggest “pro” in favor of a cash-out refi: Since a refi is a first-position mortgage – that is, it’s the primary loan on your home – the interest rates are usually lower. Shopping for a refi is pretty much the same as shopping for any other mortgage, and you have access to the same low rates as someone who’s buying a home. The biggest “pro” favoring a home equity loan is also the biggest “con” associated with a refinance loan: Home equity loans have no closing costs, and that can mean a savings of hundreds – even thousands – of dollars compared to a cash-out refinance loan, which typically comes with all the same closing costs as a purchase mortgage.”

This being said, there are some common sense elements to take into account if borrowers wish to find the best deal. For example, if the borrower cannot afford to pay for an additional loan each month on top of their normal monthly mortgage payments, then a home equity loan is definitely out of the question. Also, a cash out refi with a higher rate than the homeowner’s current mortgage will only make sense if the borrower really desperately needs the money. Paying all the associated closing costs also may be a bad deal if the borrower plans to move in a few years. There are many things to consider when it comes to the cash out refi vs. HELOC debate.

For more information on the what to consider when choosing between these two loan types, please read the full guide on LoanLove.com.


[…]

Cash Out Refinance Advice Provided In A New Featured Article from LoanLove.com

SAN DIEGO, Oct. 16, 2013 /PRNewswire-iReach/ — LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. To help loan borrowers get the latest scoop on mortgage loan news, the loan advice website is constantly providing readers with guide videos and articles when it comes to their mortgage inquiries. Their newest featured article titled “Cash Out Refinance vs Home Equity Loan (Key Differences)” addresses the benefits associated with both a cash out refinance loan and a home equity loan and catering to the needs of loan borrowers with cash out refinance advice.

Loan Love’s new advice article begins by stating the following: “Thinking of tapping into your home’s equity for a major expenditure like home renovations, college expenses or to pay back high-interest debts? Unsure whether a cash out refinance loan vs a home equity loan is a better choice for you? Fret no more, ’cause we’re about to lay down a little pro-con information that will help you understand which is the right one for you.”

What loan borrowers should first know when making a distinction between the two is that while both a home equity loan and a cash out refinance loan can help a home owner tap into their home’s equity, how they differentiate themselves is the way they “attach” to the property of the home. For instance, a cash out refinance loan is simply a new mortgage loan that replaces a home owner’s previous loan, and a home equity loan is simply a new loan taken out to be added on top of a current mortgage loan. In the end, with a home equity loan, borrowers will be paying more loan fees alongside their own monthly mortgage costs.

To be concise, the article goes straight to the point when comparing the benefits and drawbacks of each loan: “The biggest ‘pro’ in favor of a cash-out refi: Since a refi is a first-position mortgage – that is, it’s the primary loan on your home – the interest rates are usually lower. Shopping for a refi is pretty much the same as shopping for any other mortgage, and you have access to the same low rates as someone who’s buying a home. The biggest ‘pro’ favoring a home equity loan is also the biggest ‘con’ associated with a refinance loan: Home equity loans have no closing costs, and that can mean a savings of hundreds – even thousands – of dollars compared to a cash-out refinance loan, which typically comes with all the same closing costs as a purchase mortgage.”

Before deciding on which loan option is best, loan borrowers should consider a few factors before going head on with either loan, advises the Loan Love article. To conclude their article, the article ends by saying: “Sadly – for you – what it usually comes down to is crunching the numbers. So shop around, take advantage of available calculators, and take the time to make sure the loan you choose is the smartest financial move for you.” To learn more information on cash out refinance advice, please visit LoanLove.com.

Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, contact@loanlove.com

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

[…]