| Now more than ever it it is easier to find equity | | | | The purpose of the loans are to change the |
| loans aslenders and brokers team up to sell more | | | | terms of a mortgageloan by turning the loan into |
| equity loans, creditlines and mortgage loans. Home | | | | a lower payment plan. Thehomeowner may use |
| equity loans are a goodalternative way to pay off | | | | the loan to either consolidate his debts, |
| the high interest rates on creditcards, home | | | | oralternatively to replace an old loan. |
| building material as well as school fees. | | | | When looking for a loan be careful of online |
| Credit lines are more geared towards getting cash | | | | brokers who offerto give you a loan without you |
| extended forup to ten years, similar to a credit | | | | having to undergo a creditcheck. This is because |
| card. Not many banks offerhowever others allow | | | | lender legislation requires them tocheck the |
| their clients to use the credit linefacility. By | | | | borrower's credit background. |
| contrast, refinancing releases cash on a home | | | | Lastly, Credit lines, also known as "Home Equity |
| inorder to increase its equity value. | | | | Line of Creditcome with a prime rate of interest. |
| One needs to look at the rates offered by | | | | However, despite this thehomeowner may |
| various lenders todecide which option is better. | | | | choose when he wishes to use the credit as |
| While some lenders offer aninterest rate of | | | | wellas when he wishes to repay the debt during |
| 5.74% on their home equity loans, | | | | an interval. As theabove discussion shows there |
| refinancelenders offer one percentage point less | | | | are many options to choose fromif you consider |
| to help homeownersdecrease the high interest | | | | to apply for a home equity loan. |
| rates on a pending mortgage loan. | | | | |