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Home Loans Pennsylvania

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

Eastern Savings Bank FSB
412- 788-1600
2000 Cliff Mine Rd (Park West Two Ste 400)
Pittsburgh, PA

Affordable Mortgage Advisors LLC
412- 561-3000
1910 Cochran RD Manor Oak 2
Pittsburgh, PA

Century 21 Select Group (Brian Mccardle)
(570) 643-4823
Rt. 115, Po Box 200
Blakeslee, PA

Kerry Clean
(570) 722-0885
Po Box 1527
Albrightsville, PA

Pennsylvania State Employees Credit Union
(610) 865-2400
1 Credit Union Place
Harrisburg, PA

Anthony Schimmel, Associate Broker/Owner - Keller Williams Real Estate
(610) 395-9123
2901 Emerick Boulevard, Suite 100
Bethlehem, PA

Long & Foster Real Estate - Mary Lynn Bonsall
(877) 247-8080
3101 Emrick Boulevard
Bethlehem, PA

The Wagner Group - Keller Williams Real Estate
(212) 380-7448
2901 Emerick Boulevard, Suite 100
Bethlehem, PA

Grace Realty Co, Inc.
(610) 837-4131
LVIP IV, Suite B
Bethlehem, PA

Re/Max Classic Group - Alice Marques, Realtor
(610) 262-4566
2416 Emrick Boulevard
Bethlehem, PA

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

Article Source:

thePhantomWriters Article Submission Service

Featured Local Company

Eastern Savings Bank FSB

412- 788-1600
2000 Cliff Mine Rd (Park West Two Ste 400)
Pittsburgh, PA

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