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Refinancing Revolving Home Equity Credit Lines with a Fixed Interest Second Mortgage
A revolving credit line can mean paying off large debts and finally having the money you need to tackle those home improvement projects that have been pending. However, there are many options when it comes to a revolving credit line, a fixed interested second mortgage often being the best choice since a fixed mortgage rate is not as risky as some of the other options.
Second mortgages are often secure loans whereas many existing credit lines that you might have obtained in the past arent. These second mortgages also offer crucial tax advantages and in many cases provide you with a fixed amount of money that is also repayable over a fixed period of time. In fact, depending on how you structure your repayment, the schedule usually calls for you to pay the loan off in equal payments so you never have to guess what will be expected down the road.
Several articles at Ask Jeeves discuss in more detail the highlights of the fixed rate second mortgage, which is just like a regular mortgage loan, it is a secured loan guaranteed by the same asset as the first mortgage and holds an interest rate that can be fixed or variable.
Whether you are paying on credit card debt or opting for home improvement projects many people advise the fixed interest second mortgage as opposed to the home equity loan. The most important thing is lower payments, but this is often determined by interest rates - simple interest is the easiest way to go.
To refinance your revolving credit line with a second mortgage versus for example, a home equity line of credit means you are given the chance to select a fixed interest rate instead of risking the possibility of paying higher interest rates in the future. With a second mortgage you can borrow the amount of money needed or a bit more and not worry about the market conditions as the interest rates fluctuate from time to time.
Rita is an experienced free-lance writer who has produced many interesting articles related to mortgage financing. To learn more about fixed rate second mortgages and refinance options, please visit the Nationwide Second Mortgage & Equity Loans. If you need current Second Mortgage Rates please visit the loan quote center online.
More Useful Resource and Updates on mortgage refinance new home puchase pay option loans
- Interest rates cuts: More than half of mortgage borrowers will not benefit from the interest rate cut (Daily Telegraph)
Home owners hoping to benefit from the interest rate cut are likely to be left disappointed with many lenders unlikely to pass on the full one point cut.
- Mortgage lenders pass on rate cut (Channel 4)
Lloyds TSB and HSBC said they would be passing on the 1% interest rate cut to their variable rate customers in full.
- Home builders' shares soar as mortgage rates plunge (The Forex Market)
NEW YORK, Dec 4 (Reuters) - Shares of U.S. home builders rose on Thursday as the beleaguered sector, floundering amid a protracted downturn, extended a six-day rally spurred by the largest drop in interest rates on 30-year fixed-rate mortgages in 27 years.
- Banks to be forced to pass on interest rate cuts on tracker mortgages (Daily Mail)
Mortgage lenders who use small print to avoid passing on any interest rate cuts could be forced to give their customers the full benefit of any cut,a City watchdog ruled today.
- Tracker mortgages: FSA warns lenders over 'interest rate collars' (Guardian Unlimited)
Banks and building societies were today warned they could find themselves in hot water if they use small print terms to avoid passing on this week's likely interest rate cut to their tracker mortgage customers. The Financial Services Authority has waded into the row over the "collars" or "floors" that some mortgage lenders have in their terms and conditions, which allow them not to pass ...
- Mortgage rates drop again (Moldova.org)
Interest rates for 30-year, fixed-rate U.S. mortgages fell dramatically during the week, the Federal Home Loan Mortgage Corp. said Thursday.Thirty-year fixed-rate mortgage rates are now almost a full percentage point lower since the last week in October, said Frank Nothaft, Freddie Mac vice president and chief economist.The 30-year, fixed-rate mortgage dropped from 5.97 percent with an average ...
- Mortgage rates drop again (UPI)
WASHINGTON, Dec. 4 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages fell dramatically during the week, the Federal Home Loan Mortgage Corp. said Thursday.
- Mortgage-Bond Yields Plunge, Suggesting Record Home-Loan Rates (Bloomberg)
Dec. 4 (Bloomberg) -- Yields on Fannie Mae, Freddie Mac and Ginnie Mae mortgage bonds tumbled to the lowest on record following reports that Treasury Secretary Henry Paulson is considering a plan to push home-loan rates down to 4.5 percent.
- Mortgage rates post largest drop in 27 years (Reuters via Yahoo! News)
Interest rates on U.S. 30-year fixed-rate mortgages plummeted by the largest amount in 27 years this week after an unprecedented intervention by the Federal Reserve, data from home funding company Freddie Mac showed on Thursday.
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