Yes, in most cases the interest is deductible. It is recommended that you consult with your tax or financial planner. Home equity loans or lines of credit are typically the choice of many homeowners that want to be able to write off the interest. A home equity loan or line of credit up to $100,000 is deductible on your interest. If you are married or are filing separate, interest is tax deductible on a loan or line of credit up to $50,000. Remember It is important to consult a professional tax planner for the specific tax laws that apply to you.

A line of credit is similar to a credit card, when there is an outstanding balance you are required to make payments. Unlike a loan there is no initial balance to be paid off. A line of credit requires that you make a minimum payment each month relative to the percentage of the balance. A loan is for a specific time period and has usually has a planned monthly payment that is pre-determined. Most people take out a loan for big ticket items like a home.

It depends on your needs. Most people will make use of a home equity loan to make repairs, additions or upgrades to their home. This loan helps those who cannot immediately afford $30,000 cabinet upgrades. You may be the kind of person who decides that you would like to pay off your credit cards, it works for that too.

HotLoan is a one stop shop for all of your financial needs. We have a host of qualified lenders that are ready to offer you the best rates. We make sure that all of our lenders respond to you within 24 hours. When you want someone to contact you regarding your financial needs HotLoan is the Perfect Choice.

Simply select the loan or product that you desire and then fill out the short form attached.

HotLoan is paid by the lenders that want your business. We are able to operate because Lenders want to find qualified applicants.

We ask questions that each Lender will need in order to provide you with a professional quote. In order to serve you best we keep your information long enough to get it to qualified lenders within our network.

We match you with the best lenders that will meet your needs. If your are in Georgia we will use our partners to find the best company in Georgia that offers the programs or loans that meet with your interests. Let us do all the leg work. We work hard to find you the best deal possible.

In order to pull your credit a lending institution needs your approval and your social security number. We feel like you should make the decision to have your credit pulled. If you feel like a lender is the right fit for you then you can have them pull your credit.

When lenders compete they will often undercut each other and be forced to give you the best possible rate. Without competition companies can charge whatever they feel is fair. HotLoan helps the consumer take advantage of the internet and the power of having competitive offers. The best part is that you can get these offers in the comfort of your home, not some mortgage office where you are uncomfortable.

HotLoan uses the best technology in the industry to provide you with a secure transaction. We make sure that your data is safe and confidential.

Calling a settlement company/closing attorney is the next step. You will need this service in order to handle the closing. Calling an insurance agent for homeowners insurance is the next step. Don't forget that you will be asked to pay the annual premium at closing.

The three categories of closing costs:

- Lender fees (points, appraisal credit report, underwriting, settlement and tax service fee)
- Prepaids (interim interest, real estate taxes and escrow, insurance premiums and escrow)
- Settlement costs (title insurance, settlement/attorney fees, city/county/state taxes, recordation and messenger fees)

- Fully ratified and executed sales contract on purchase loans
- A termite report for the house
- Homeowners insurance policy properly listing the lender in the Mortgagee Clause
- Any outstanding items requested by the lender

Remember, HotLoan is here to help you match lenders that meet your needs. We will find lenders to match whatever your financial situation is.

Once you have accepted an offer it is imperative that you communicate with your loan officer. They will typically send you an application that will require bank statements, w-2's, pay stubs, house appraisals, and your signature. Make sure that send this back as soon as possible to the lender you have chosen. Often the loan process can take a good amount of time.

Closing Cost are left up to the individual lending institutions. HotLoan is not a lending institution and therefore charge nothing for our services.

If you decide that you do not wish to continue in the loan process please let your lender know. Unfortunately once you hit submit we work as fast as possible to get your information to qualified lenders.