A Home equity loan has become an easy way to not only pay
off other non-deductible debt, but to come up with large
wads of cash for remodeling projects, vacations and more.
People have financed college educations with a home equity
loan, so your imagination is your only barrier. There are
few if any restrictions on a home equity loan because in
essence you're using your own money. With housing markets
booming over the last several years, and no definitive end
in sight, the higher prices we find attached to our homes
has sent the equity soaring too. It's no longer necessary to
gamble in the stock market if you're looking for large
returns: just own a house, and then use a home equity loan
to fund your particular needs. A home equity loan can offer many attractive features, but
there are a few things to be keep in mind. Be aware that in
an inflated market, your home's value could at some point
take a dive and you find yourself in a situation where your
loan exceeds your home's worth, particularly if you've taken
advantage of one of the 100-125% offers you see so often
these days. Just be aware that it is never a good idea to
use all your appraised equity unless absolutely necessary.
Also, try and go with the home equity loan that costs the
least. If you're going to tack on several thousand dollars
in fees, then it could really not be worth it. People
sometimes get blinded by the prospect of easy cash, and pay
these fees without thinking. Shop around. A home equity loan
is part of an extremely competitive market, and if your
credit is okay, or sometimes even not so okay, a direct
lender can offer a home equity loan with few if any costs.
Typically, mortgage brokers are unable to do this. A home equity loan can be your ticket to not only changing
non-deductible debt to deductible, but an easy source of
available cash to help start a business, finance a vacation,
remodel or more. Check out a home equity loan today!
Keith Thompson is a real estate investor and webmaster of Mortgage Loans
Today where you can find the latest news and resources
on a Home
Equity Loan
See Also:
Why Choose a Home Equity Loan?
There are many reasons for choosing a home equity loan. A home equity loan allows homeowners to obtain a loan in addition to their original loan using the equity in their home. Home equity loans are generally a second mortgage, and are used for personal use.Home equity loans are also known as ...
more...
Reaping Financial Rewards Bad Credit Home Equity Loans
Home is the place you inhabit. It is the place where you live, breathe, grow, thrive. It does more than just providing a living space. The moment you build up this house, or moved to your present apartment, you did not realize that you have struck it rich. Rich that is not the exact word to define ...
more...
Home Equity Loans Theres Gold In That There House
To paraphrase an old familiar quote that goes theres gold in them there hills, you could say, theres gold in that house. As Martha Stewart would say, its a good thing.A home equity loan can be a very good thing if you formulate a plan and stick to it. Home equity loans are becoming much more common ...
more...
Decision Time: Home Equity Loan or Home Equity Line of Credit?
Home equity loans and home equity lines of credit continue to grow in popularity. According to the Consumer Bankers Association, during 2003 combined home equity line and loan portfolios grew 29%, following a torrid 31% growth rate in 2002. With so many people deciding to cash in on their home's ...
more...
More on home equity...
|
|