What is a Home Equity Credit Line?

HOME EQUITY LOANS AND 2ND MORTGAGE PROGRAMS: These are loans positioned after the first mortgage, which is one of the reasons the interest rates for these types of mortgages are usually higher than those of the first mortgage (also because the loan amount is usually lower and because the 'Loan to Value' is always higher). These loans are commonly used for debt consolidation, home improvements, etc, as well as using them to 'piggyback' on a first mortgage to avoid paying the higher interest rate and mortgage insurance that generally results from loans that are over 80% of a property's value.

HOME EQUITY LINE OF CREDIT: This is an Adjustable Rate Mortgage that generally has a term of 15 years (though 30 year programs are available). Because it is a 'line of credit' you can continue to borrow against it so long as you make your monthly payments.

SECOND MORTGAGE: This is a fixed rate mortgage with a 15 or 30 year term.

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At 123Refi we ask the question, When does a Home Equity Loan make sense? When a home equity loan makes a positive difference in your quality of life. Read our Home Equity Loan Refinancing Guarantee--No hassles, just savings. Home Equity Loan in all 50 states with a wide variety of mortgage and home equity loan refinancing programs, 123Refi is the premier online mortgage refinancing company. If you're in the home equity loan market, we have equity line mortgage refinancing and home equity loan refinancing programs as well as equity loan mortgage refinancing and home equity loan refinancing programs to help with your refi.(There is a difference between an equity line and an equity loan) Whether you are refinancing a first or second mortgage we can help you. If you're ready to refi, our no points home equity loan refinancing program can save you a ton of money and our stated income refinancing for home loan can help you qualify for these savings. If you are refinancing your mortgage to consolidate debt or reduce your payments, our home loan refinancing professionals can secure those savings and really make a difference in your life. We have bad credit mortgage refinancing to help people refinancing a home equity loan who may have had trouble elsewhere. Whether your credit is excellent or plain terrible, 123Refi is here to help with absolutely any of your mortgage refinancing needs.

Loan Information
Property Value:
Occupancy:
Property Type:
Will You Have A Co-Borrower?	Yes No
Monthly Debt:
Your Credit:
Monthly Income:
	I can verify this income through either past 2 years W-2's, past 2 years Tax Returns, or past 12 months Bank Statements.
	I choose not to verify this income and prefer a 'Stated Income' option.
	OPTIONAL: Provide Either Your Social Security Number or Credit Score:
For Refinancing and Home Equity Loans
Current Loan Amount:
Current Interest Rate:
Fixed Rate or Adjustable?
Any Cash Out?
Is this strictly a 2nd mortgage?
For Purchases and Prequalification
Amount Available for Downpayment:
If you prefer a 'Zero Down' option, what is the amount of your total liquid assets (savings, 401k, stocks, etc):
If this is a Prequalification, what is your maximum desired monthly payment?
Area Interested in Purchasing:
Are you working with a Realtor?	Yes No

Find Out How To Beat The Banks - Read Below For Details...

How Will You Use Your Home Equity Loan?

"The service was great and so was my rate! There weren't any hassles at all - they listened to my concerns, answered all of my questions, plus I got a better rate than I expected."

Thanks again,

G. Frederickson

POINTS EXPLAINED

What are points and when, if ever, does it make sense to pay them?

FEES EXPLAINED

What are the 'real' costs of my mortgage? This will help explain exactly where your money is going - and where it shouldn't be going...

Mortgage Programs Explained...

Home Equity Loan
Fixed Rate Mortgage
What does the term 'Fixed Rate' specifically mean and what are the benefits of having a Fixed Rate mortgage?
Balloon Mortgage
What is a Balloon Mortgage? When would it make sense for you?

Adjustable Rate Mortgage
Also known as ARM's or Variable Rate Mortgages. Explains advantages, common terms; what is a Negative Amortization Mortgage (Neg-Am); includes an 'Index Table' that explains Prime Rate, CODI, COFI, CMT, MTA, and LIBOR.
Home Equity Loan - 2nd Mortgage
Explains the difference between a Home Equity Loan (Home Equity Line of Credit or 'HELOC') and a 2nd Mortgage, as well as which may be best for you.

Call Us About A Home Equity Loan
FHA - VA Mortgage
Covers government sponsored programs and their benefits. Includes FHA, VA, Cal Vet, as well as other state specific and local programs. Documentation Options
What are the differences between Full Documentation (full doc), Limited Documentation (Limited Doc or 'Lite Doc'), Stated Income and 'No Income No Asset' (NINA) programs?

How Can We Help You 'Beat The Banks'?

It's simple: click on any of the banks listed to the right and we will package your mortgage with that bank according to the mortgage program of your choice - but we'll beat their published rate by .25% and won't charge you any more than the fees that particular bank normally charges. Click here for details or click on the bank of your choice to get started.

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