Welcome to My Loan Expert

Home Equity Line

Home Equity Lines are a great way to use the equity you've built in your home to pay off other debt such as cars or credit cards. You may also use them to pull out cash for home improvement purposes or any multitude of things. Home Equity Lines are usually easier to get and cost less than a refinance mortgage, and are some times faster to close.

Why they are good

Home Equity lines are good to use when you need cash because the interest is typically tax deductible. So if you are in a 33% tax bracket, that can reduce the effective rate even further than the note rate when you consider the tax savings. They are typically fast and can go toward the top of your available equity. The convience of a home equity line is that you may typically use them like a checking account and pay them down or withdraw funds during the draw period.

Why you may not want one

The downside to equity lines are that the interest rates are usually higher than a refinance or 1st position mortgage. They are typically adjustable (unless you get a fixed rate 2nd mortgage) and vary based on prime rate. The margin above or below prime rate is the rate you pay on the equity line.

Education about current mortgage trends and money saving tips and articles complete the content of our site. Within MyLoanExpert.com you will find money saving ideas that may give you information regarding the latest news that may influence the decision you take on your next mortgage. We encourage you to click through our links page and see all articles and headlines, as you become more informed about recent money saving advice.

If you are considering a refinance mortgage in California, New York, Florida, Texas or any state within the US, you may find a mortgage quote from our network of lenders. A mortgage refinance quote is available for any one of a number of programs, whether that be a 30 year fixed mortgage 15 year fixed or a shorter term adjustable such as a 5/1, 3/1, or 10/1 Adjustable rate mortgage.

Escape From Between The Rock And The Hard Place

What follows is an all too familiar story in hundreds of thousands of homes across America. Mr. and Mrs. Owin finally realized the dream of owning their own home in July 2005. They took on a home loan secured against their house in the amount of half a million dollars. It was hard, but they could [...]

Questions about Refinancing

Refinancing is a must do consideration for all householders! Refinancing has to be on the top of your cash-management ?to do list?! Refinancing is a financial product that will stand the test of time because it is good for both the finance companies and their clients! Lending companies will do and brokers will facilitate large [...]

Shop for a refinance

Shop Around For Refinance When shopping around the mortgage brokers for a change of lender and home loan contract please do not be mesmerized by the price. By price we mean of course the rate of interest. These are nearly rock bottom at this time and therefore very tempting but there are three other important factors [...]