Understanding Home Equity Loans in Taunton
Home equity loans Taunton homeowners use are second mortgages that allow home and condominium owners to use their homes as collateral in order to take a loan worth 85% of the value of their homes. The loan can be used for a myriad of tasks including home repair, paying for school fees, or paying another loan. High credit ratings, long mortgage repayment times and the equity of the home in question boosts one’s chances of qualifying for home equity Loans Taunton banks provide.
The terms and conditions of home equity loans vary from one lender to the other but in most cases, once the loan is approved, the homeowner receives the whole amount of the loan in a lump sum. The loan is normally repaid in a duration of 15 years, which gives the homeowner a lot of time within which to repay the loan. As you repay, you reduce the principal of the loan and the faster the loan is repaid the better.
The rates on home equity loans in Taunton banks offer are lower than credit card rates. This makes them economical and manageable. Furthermore, the interest rate is not only fixed but also tax deductible in some cases. For instance, both three and 5-year terms, the refinancing interest rate of about 5.49% applies in most cases. The 84-month refinancing rate is 6.24%, which is slightly higher than the 15-year refinancing rate, which is 6.49%. These terms are not guaranteed, and they change according to market values. The terms also change depending on an individual credit sore and there is also a 8.24% refinancing rate for a 120 month loan term home equity loan.
There are numerous lenders offering home equity loans Taunton borrowers want but some that stand out are Robert Oliveira of Province Mortgage Associates Inc.who leads the list. Alex Doce and Ed Sullivan of Sage Bank, Andy Gaggin of Residential Finance and Travis Kelley of the Bank of England are other lenders who are worth honorable mention not forgetting Chris Bice of Gladewater National Bank and David French of Westport Mortgage Corp. This list is longer than this, and the various lenders offer various terms and variations to the benefit of the borrower.
