Guide to Refinance, Mortgage,
& Home Equity Loans in
North Druid Hills, Georgia (GA)

North Druid Hills is one the smaller cities located within the state of Georgia in DeKalb County . It has a population of 18,852 people and is mostly a residential area with 9,700 households or so located within its borders. There are a number of different places in Georgia that would qualify as being residential areas, and North Druid Hills is one of those places. Because of this reason, North Druid Hills is home to a healthy real estate market, which is ultimately driven by three major types of home loans. If you are planning on making North Druid Hills your new home, or if you already live there, then you will need information on mortgage, refinance, and home equity loans.

Mortgage Loans

Mortgages are the original home loan agreement that started it all as far as home loans are concerned. Before the advent of mortgages, the only way for a person to get a house was to pay for it in cash, which is something that the vast majority of people did not have the ability to do. Ultimately, these mortgages were the important step that the market took towards giving everyone a chance to become a homeowner, and therefore, the homeowners today have the mortgage to thank for their current holdings. Under the terms of a mortgage, the person who is purchasing the house can borrow up to 95% of the amount of the house’s value from a borrower with the agreement that the house goes up as collateral against the loan. When the house is collateral, the borrower must then pay the money back over a pre-arranged amount of time with interest. There is a lot of variations within different mortgage plans, but the basics are as laid out above.

Refinance Loans

Refinances are replacements for previous agreements. Say, for example, that a person takes out a mortgage of $200,000 that they agree to pay back over a 20-year period. That would work out to $10,000 a year, or a little less than a thousand dollars each month. Of course, nobody can predict what their life will be like in 20 years, so if a person loses his or her job or gets demoted, chances are they will not be able to keep up with the level of payments that they initially agreed to pay. This is where the refinance comes in. Under the terms of a typical refinance, the refinance has the ability to increase the term of the payments and decrease the amount owed each month. If a person refinanced ten years into the loan to have those ten years remaining stretched out to twenty, then they would be required to pay $5,000 a year rather than $10,000.

Home Equity Loans

Home equity loans are very similar to mortgages with one important difference. The home equity loans are loans that are used after ownership of the house has already been established. What that ultimately does is that it allows people who are interested in getting a mortgage-like agreement for other uses the chance to have such a thing take place. The most popular use for home equity loans is debt consolidation, but there are many other uses available for this versatile home loan.

If you are interested in learning more about these types of loans, fill out the form on this website and send it in. Doing so will only take a few moments and the information you receive in return is well worth it.


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