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Thursday, November 01, 2007

Home equity loans

Home Equity Loans the equity in your home is the value of your home once any indebtedness tied to it, including any outstanding mortgage amount, has been deducted. For example if your house is valued in today’s market at £150,000 and the amount remaining on the mortgage is £50,000, then the equity in your home would stand at £100,000. One of the major advantages of home equity loans is that there is usually sufficient equity remaining on the property to cover the outstanding amount of the new loan. For this reason, interest charges tend to be much more attractive than the terms of a standard secured homeowner loan. Home Equity loans are therefore a means of raising substantial funds without having any intention of selling or moving from the current property.

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