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Do you need money to finance home repairs and improvements, consolidate credit card debt, buy a new car, and pay for tuition or other expenditures? If you own a home, you can use your property as security and borrow the money you need. This is what a home equity line of credit is all about. A home equity credit line lets you use your biggest asset -- your home -- as collateral and be eligible for a substantial sum of money that you can access and use anytime the need arises. A home equity line of credit works similarly to a credit card wherein you can borrow up to your credit limit whenever you need to.

For many years now, the home equity line of credit has been one of the most profitable and rapidly growing sectors of consumer loans. Thus, many financial institutions offer home equity loans and a line of credits at varying rates and deals. The competition between these lenders mostly benefits borrowers. If you own a home, and you need access to a substantial amount of money, you should definitely consider a home equity line of credit. There is a wide range of financial lenders you can choose from.

To help you determine how much credit you may qualify for, you can use a home equity line of credit calculator. This calculator computes your potential line of credit based on a percentage of the appraised value of your home minus the balance due on your existing mortgages including first mortgages, second mortgages and other debt. The higher the value of your home, the larger the line of credit you can borrow.

There are some home equity line of credit calculators online that you can use for free. All you need to do is fill in important information, such as the value of your home, the mortgages you owe and the loan to value ratio. These online credit line calculators provide a fairly accurate report of the potential size of the line of credit you may qualify for.

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Mortgage refinancing refers to the closing down an existing mortgage in favor of another one, which is usually associated with lower interest rates. Borrowers who have offered a property as a collateral for mortgage find refinance helpful. There are many types of refinance loans available to suit various needs. Borrowers may choose the option of cash out refinance as a way of getting fast cash when required. It generally takes around two weeks for the lenders to complete the processing of the refinancing loan. Once the refinancing is approved, funds are usually deposited within two weeks electronically, into borrower's checking account.

While opting for refinance, the borrowers need to consider the closing costs of their existing loans. This closing cost is usually decided upon in the agreement between the lender and the borrower, at the commencement of the loan term. Usually, closing cost can range between hundreds to thousands of dollars, depending upon the terms of the agreement. Borrowers, who do not wish to spend so much of money, can opt for a home equity loan instead of refinance. This is beneficial to such borrowers because home equity loans do not have any closing costs.

Borrowers with bad credit scores usually get higher mortgage rates as compared to other borrowers. However, with mortgage refinance, such borrowers can bring down their initial mortgage rates. They can apply for a mortgage refinance only after two years of taking out a mortgage.

Most of the borrowers fill out the application for refinancing loan online, as most refinancing companies offer free quotes for property refinance on the Internet. A few websites even offer multiple quotes for a single application, to enable comparison. This gives borrowers the chance to choose a rate that suits their needs and presents a fair idea of the rates available.

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