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Home Purchase Loans National Mortgage Rates

30 Yr Fixed

4.25%

15 Yr Fixed

3.99%

5/1 ARM

3.75%

30 Yr Jumbo

4.35%

Home Equity

2.99%

Home Loan Refinancing
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Welcome to My Loan Expert Home Loans

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.

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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.

Mortgage Refinancing Information

Credit Score Factors for Mortgages

Credit Score Factors A credit score can be defined as a number that evaluates the possibility of a person to pay back a loan within a given period of time. When an individual is interested in borrowing money, the lender informs the credit bureau. The bureau comes up with a credit report which is aimed […]

Refinancing Terms

Refinancing Terms If you are in the market looking for refinancing options on your home mortgage, it is important to familiarize yourself with the terms commonly used. Poring over boring mortgage textbooks is not required. Here’s a look at the basic refinancing lingo to get you started. APR: Different lenders calculate the APR or the […]

Mortgage Refinance Tax Implication

Mortgage Refinance and Taxes When you own your home, you get large income tax deduction for mortgage interest. However, when you refinance your mortgage loan into a lower interest rate, you’ll pay less interest but more income tax. HAD vs. HED HAD stands for Home Acquisition Debt and HED stands for Home Equity Debt. HAD […]

Second Mortgage vs PMI

Second Mortgage to offset PMI Many homeowners find it difficult to find the funds for a 20 percent down payment on their homes. Without the down payment, it becomes mandatory for home buyers to go in for PMI (Private Mortgage Insurance). The PMI has to stay in effect until such time that the value of […]

Refinancing for Self Employed

Self-employed people and refinancing While in all other ways, America encourages entrepreneurs, borrowing is one area that most self-employed people face difficulties. Be it a conventional loan or a mortgage on the home, bankers have a problem offering money to the self-employed. This is because the self-employed often show less income than their counterparts in […]


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