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Home Equity Loans for Bad Credit
Posted by: Christine on 07/02/13

Refinancing your old home mortgage can often be discouraging if you have bad credit, but a home equity loan could offer you a solution for keeping your family home and getting rid of some other outstanding debts. If you currently struggling to keep up with your mortgage payments, credit card bills and payments on any other debts you may have, considering a refinance over to a home equity loan could save you thousands of dollars. When you refinance your home loan over to an equity loan, you could raise enough cash to pay out all your outstanding credit cards, personal loans, student loans, payday loans and any other debts you have. This could ease your financial stress considerably, as the payments on your old accounts stop and are replaced with much reduced payments on the home equity loan.


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Benefits of a Home Equity Loan
Posted by: Christine on 07/02/13

Home equity loans are secured lines of credit, using your home as collateral. As the type of brick-and-mortar security represents a lower risk to the bank, you should also find that the interest charges are much lower than what you paying on your credit cards or other debts. You may also be able to benefit from the tax effectiveness of your loan. Many home owners are able to claim a home equity loan as a tax deduction. If you have multiple credit cards, personal loans or other types of revolving credit, then perhaps consolidating these into a more tax-effective loan could help reduce payments and give you a tax advantage at the same time. If you unsure if the tax deductibility applies to you, speak to a professional about your options.


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What Does it Mean to Refinance?
Posted by: Christine on 07/02/13

At its most basic, refinancing your home loan mortgage means entering into a new mortgage agreement, maybe even with a new lender. Most people who choose a home mortgage refinancing do it because they are struggling with their current monthly payments, their interest is too high, or they have an adjustable rate mortgage where the interest rate is about to rise rapidly. Some people have a combination of the above circumstances.


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Christine Diep
Broker/Owner

2678 Glen Hardy Ct.
San Jose, CA 95148
(408) 438-2350

CA DRE License # 01391554
CA NMLS License # 847496


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