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A Guide on Home Equity Loan

Applying for home equity loan in Houston? Read this guide to gain a deep knowledge and understanding on home equity loans. Visit http://www.ellisequity.com/ for more information.

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A Guide on Home Equity Loan

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  1. www.ellisequity.com

  2. A home equity loan, often described as second mortgage allows home owners to borrow money by leveraging the equity in their home. Here we can discuss about how these loans workout and what are their benefits. www.ellisequity.com

  3. Types of Equity Loans • Fixed-rate Loans • This provides a single, lump-sum payment to the borrower. • Repaid over a period of time at an agreed-upon interest rate. • The payment and interest rate remain the same. www.ellisequity.com

  4. Home-Equity Lines of Credit • Variable-rate loan • Monthly payments are based on the amount of money borrowed and the current interest rate. • When the end-of-the-term is reached, the outstanding loan amount must be repaid in full. www.ellisequity.com

  5. Reverse Mortgage • It’s a special type of home equity loan only available to senior citizens of ager 62 and over. • Either borrow a lump sum of money initially or receive monthly amounts. • More expensive than other loans. www.ellisequity.com

  6. Benefits for customers • Easy source of cash. • Interest rate is lower than interest on credit cards and other consumer loans. • Interest is tax deductible. www.ellisequity.com

  7. Right Way to Use Home Equity Loan • Home equity loan is a valuable tool for responsible borrowers. • Fixed rate loans are suitable to cover the cost of a single purchase such as a new roof or a medical bill. • HELOC is a convenient way to cover short-term recurring costs. www.ellisequity.com

  8. Want to get out of the debt? Visit www.ellisequity.com for an expert solution. Call: 713-952-8022 E-mail: sales@ellisequity.com

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