Compare Local Lenders Loan Type Select One Purchase Home Equity Refinance Debt Consolidation FHA/VA State Select a State Alabama Alaska Arizona Arkansas California Colorado Connecticut D.C. Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Credit Rating Select One Excellent Good Fair Poor
+ Imperfect Credit Programs
	FHA Refinance Streamline with No Costs
	Jumbo Refinance is Costlier than Smaller Loans
	Two Loans For One Hundred Percent Financing

No equity loans are not cheap. The interest rates on are extraordinarily high. They typically run two to six percentage points more than the rates for traditional home-equity loans - you can expect an interest rate in double digits. The fees for no equity loans are also going to be higher than for traditional loans. It is quite possible that a no equity loan will cause the mortgage insurance requirement to activate again, if it is not already present.

In the case of the 125 no equity loans, only a portion of the interest rate will be deductible. The IRS says that you can deduct interest payments on primary home debt equal to 100% of the home's value. Any debt secured by the home beyond its value does not qualify for the tax deduction. It's possible that your no equity loan won't carry the tax deduction which is applied to both first and second mortgages that are secured by home equity.

A no equity loan is also going to limit your options with regard to mobility. If you take a new job in another state, you are going to have to sell a house that you will still owe money on after the sale. That means coming up with the cash balance to make the lender whole, in order to complete the transaction. People who are desperate enough to consider a no equity loan aren't likely to have that kind of cash in the savings account.

The no equity loan is usually recourse for those people with serious cash flow problems. But defaulting on a no equity loan is different from falling behind in your credit card payments. In the case of the loan, you are in danger of losing your house. The fact that it is a "no equity" loan does not mean that the lender cannot come after the house, should you begin to miss payments.

• Free 3-in-1 Credit Report.
• Enhance Your Identify Protection.
• Great for refinancing, buying a car!