San Fransisco, CA -- (SBWIRE) -- 06/05/2012 -- Since the global financial crisis of 2008, an increasing number of homeowners have turned to home equity loans as a way of financing renovations, school fees, medical bills and other major items of expenditure. Home equity loans are only available to people who have owned their property for some years, because they are based on the amount of equity the householder owns, rather than the total value of the property.
It is important to remember that a home equity loan is a secured charge on the property that effectively reduces the borrowers equity. As well as taking the amount of current home equity into consideration, lenders will also look at an applicant’s credit score and their ability to repay new debt before deciding whether or not to grant the loan.
One site that has been receiving a lot of attention recently is LoansComplete.com. This site aims to connect those people looking for a home equity loan with the best lender in their local area.
It can be an extremely time consuming process obtaining quotes from various different providers, but as a spokesperson for Loans Complete explained “the company’s simple but effective lender search tool takes the work out of finding the most competitive lenders in the market and comparing them. Homeowners simply select their location and the type of loan they require and Loans Complete will do the rest!”
LoansComplete.com makes it simple for consumers to find the most suitable lender with a search facility on the homepage. Consumers have the ability the select their state and then find and compare numerous lenders.
The site is easy to navigate and features a user-friendly interface as well as a host of quality editorial content for those considering re-financing. The pages are logically named so that visitors can go straight to the relevant area of the site if they want to find out 'What is a Home Equity Loan?' Or ‘How Much Can I Borrow?’
Loans Complete also explains the advantages and disadvantages of the two main ways of securing cash based on the accumulated equity in a property; home equity loan vs cash out refinance.
There is also an informative page explaining the tax position relating to home equity loans and the circumstances in which only a portion of the interest paid on the loan may be tax deductible.
LoansComplete.com is a simple and effective means of connecting people looking to get home equity loans with lenders in their area. In addition to connecting people with resources, the site also functions as an information portal for the pros and cons of home equity loans and their most effective uses.
For more information, please visit: http://www.loanscomplete.com