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Home Equity Loans

 Las Vegas Nevada Equity Home Loans

This is considered a second mortgage and uses equity in the Las Vegas home to secure the loan.  A Home Equity Fixed Loan in Las Vegas, often referred to as a closed end second, has a fixed interest rate and may have a balloon feature attached.  The interest rate can be higher than a Home Equity Line of Credit, but if you're looking for the rate to be fixed then there is a trade-off.  The borrower is required to re-pay towards both principal and interest.  The interest rate may be tax deductible and I recommend you contact your CPA to verify the tax implications with any home loan.  There is a difference between a home equity fixed loan and a home equity line of credit.

A person looking for Las Vegas debt consolidation has found the right place.  If you’re searching for a fast, easy, fixed, second mortgage, then look no further for your Las Vegas, Nevada Home Equity Loan needs.  I can search for the lowest available rates.    

If you are here to consolidate debt, then First, I commend you for taking action towards increasing your financial stability.  I would like to offer a point of view if you are searching for a get out of debt strategy.  Please use heavy caution if you are considering a debt repair company or consumer credit counseling.  The type of company I refer to is one that will make the monthly payments to your creditors and they will consolidate all of your bills into one payment.  I can name several problems that result from using this type of service. 

First, the repair company has a negative impact on your credit score for an extended period of time before it starts having a positive one. 

For example, once the accounts are handed over to the debt company for repair, you most likely will have to agree to close the accounts.  Once this happens, all the time that was spent building a relationship with this creditor is gone.  A percentage of your credit score is based on the length of time your accounts have been open.  It won’t help to try to re-open the account, because the bureaus will view the account as a new one which will drag your credit score down until the newly opened account has been re-established (usually 6 months in time).

Second, all the timely payments that are now being made to the creditors no longer count towards your credit scores because the accounts are closed. 

Not to mention another risk you take by placing the responsibility of making timely payments into someone else’s hands.    

Thirdly, you will be waiting for a great portion of your debt to be paid down before your credit can begin to restore.  How long could that take?  If your amount of debt is in the tens of thousands, it could take a couple or even several years to pay down a greater portion of the debt. 

Another possible avenue is using the equity in your Las Vegas home to pay off the accumulated debt.  It takes care of the debt in one fair swoop, thereby lowering all the account balances immediately.   Once the account balances are lower than 40-50% of the available credit line, this will positively impact your credit score anywhere from 30-45 days.  You may have to pay a higher interest rate to obtain the initial home equity loan if your score is low, but after the credit is repaired, you can re-finance your home with the newly restored credit.  The light at the end of the tunnel is brighter than you think with some thoughtful planning. 

Would it make you extremely excited if I remind you that the interest you pay towards your home equity loan might be tax deductible thereby making your after tax interest rate lower?  I guarantee that the interest paid to a debt repair company or consumer credit counseling will NOT BE.

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1 comment on “Home Equity Loans”

  1. Pingback: Equity Loan - What is it? | Las Vegas Mortgage Lenders, Best Home Loan Broker Experience

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