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Buying A Home – Home Equity Loan or Mortgage?

    Home shoppers can easily get confused when they have to choose between home equality loans and mortgages for buying a home. While both options can be used to purchase the house, looking at the latest trends can help consumers to choose the better direction. Home equity loans are often confusing for first time users. Both normal home equity loans and home equity lines of credit are used to avoid private mortgage insurance at the time of purchase, but a home equity line of credit can also be utilized later for liquidity. Home Equity Loan – Latest Happenings This year, renowned banks and credit unions are developing interest in lines of credit and equity loans as home prices rise in different states and homeowners look to add some amount of equity. Credit reporting agency Experian reports that equity loans increased by 30% in the second quarter compared to the first quarter. However, consumers considering home equity should note that lending standards are now tighter than before. According to Bankrate, the home equity line average rate is 4.99% while the home equity loans average rate is 6.99%. Senior analyst at the source said that lenders aren’t acting as they did in the ...

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Finding the Best Mortgage

Perhaps you’ve seen the headlines recently that mortgage rates are finally starting to rise. If you are ready to purchase a house and have been waiting, this might be the time to jump. Before you decide to purchase your first or next home, keep these steps in mind to find the best mortgage for your needs. Compare Banks or Lenders When we purchased our first house, we had a terrible mortgage representative who was often unavailable and certainly not in any sort of a hurry to close our loan. Because we had to start new jobs, we ended up living in a motel for two weeks before she could finish the paper work for closing. We thought it would ruin the whole process if we started over with a new company. In retrospect, we probably would have been able to close much sooner if we’d shopped around. There are too many good mortgage lenders, like Clydesdale Bank, to stick with one that doesn’t provide the best possible service.

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