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Home Loans Massachusetts

Many people confuse a home-equity line of credit with a home-equity loan. In this article, you’ll learn the difference between the various types of home loans.

Local Companies

JPMorgan Chase - Home Mortgage
(617) 429-2059
400 Blue Hill Drive, Ste. 190
Westwood, MA
Pioneer Financial Group
(617)8686300
1972 Massachusetts Avenue
Cambridge, MA
Omnify Software
978-988-3800
10 New England Business Center Drive
Andover, MA
First Call Mortgage Company
603-247-2885
100 Brickstone Square
Andover, MA
Emerson Lending
978-264-4803
179 Great Road
Acton, MA
American Honda Finance Corp
(413) 567-0844
171 Dwight Rd
Longmeadow, MA
MetLife Home Loans
508-667-2981
586 Kelly Boulevard
N. Attleboro, MA
SB Mortgage Group Inc
508-407-5430
206 Southbridge St
Auburn, MA
American Mortgage Resource, Inc.
(617)9728588
62 Mount Auburn Street
Watertown, MA
First Eagle Mortgage
978-777-7767
44 Maple Street
Danvers, MA

Home Equity Line Of Credit

Home-equity lines have experienced unprecedented growth in the past two years and presently represent 80 percent of the home-equity market.

A home-equity line of credit is a varible interest rate loan that works like a credit card. You get a pre-determined loan amount that is secured by your home.

Most come with checks and credit cards that you can use to draw on as you need the money.

Most lenders only require an interest only payment for either 10 or 15 years. After that the loan must be paid in full. The reality is most people will sell their home and pay the loan off before it actually comes due. You could always refinance if you decide you want to stay in your home.

An important thing to remember on a home-equity line of credit is it is based on varible interest rates. These varible rates will cause your payment to change as the interest rates move up or down.

Home Equity Loan

A home-equity loan has a fixed interest rate and fixed payment. These loans are more like a standard second loan on your home. Like a home-equity line of credit, these loans are also secured by your home.

You borrow a certain amount of money for a specific period and get the whole sum at the close of the loan. The payments a on home-equity loan are typically based on 10 to 15 years and are level.

People who aren't comfortable with an adjustable or varible rate payment tend to favor a home-equity loan instead of a home-equity line of credit. As interest rates rise, these loans become more popular than home-equity lines of credit.

A home-equity loan will have a higher interest rate because it is fixed. Varible rate loans usually have lower starting interest rates. But if interest rates are rising, a varible rate could catch up or even get higher than what the fixed rate is.

About the Author:

Gary Gresham is a mortgage loan officer and the webmaster for http://www.1stopshoppingonline.com. He offers you purchase, refinance, debt consolidation or home equity loans at competitive rates at http://www.1stopshoppingonline.com/home-loan.html

Gary@1stopshoppingonline.com


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Featured Local Company

JPMorgan Chase - Home Mortgage

(617) 429-2059
400 Blue Hill Drive, Ste. 190
Westwood, MA
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Getting a loan, without having any collateral, may be a kind of risky act for the lenders. They, most of the times, ask for any collateral against the loan amount so as to reduce the risk of issuing the loans. Mostly, such an asset is the home of the borrowers. Then does it mean that the tenants can’t fulfill their personal needs? No, the lenders accept the loan applications from the tenants also. For these persons who don’t own any home, they have designed the unsecured personal loans. These loans are the specially designed loans to help the tenants or other non homeowners who can’t pledge their homes as collateral to the loan amount.
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