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Real Estate Information |
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Your Home Equity Can Work for You
"Use your home's equity to pay off your debt. It's easy and simple, no closing costs!" Every time I turn on the television, commercials bombard me telling me to take out a home equity line of credit. People are using their dream homes to pay for even bigger dreams, like a "debt free" lifestyle and college educations for their children. Despite the ease in securing these seemingly beneficial lines of credit, many CPA's and financial planners are cautioning homeowners to gain a full understanding of how these lending options work before they turn their homes into a source of money. There are two options in using your equity to secure funding: a home equity loan or a home equity line of credit. Most lenders will let a homeowner borrow up to 80% of existing equity based on the amount owed on the first mortgage and the appreciated value of the home. Unlike other forms of nondeductible consumer debt, loans less than $100,000 or less that use a home as collateral may have a tax deduction available for interest paid. A home equity loan is most usually used for large purchases, such as financing a major home improvement project, starting a business, purchasing a luxury item or consolidating high-interest credit card debt. There are advantages to securing lending for these purposes, but these types of loans are better suited to those who don't foresee future borrowing needs. Home equity loans are basically second mortgages, which provide you with money that is repayable over a fixed term from five to 15 years. These loans can feature locked-in rates and monthly payments that remain the same. Home equity lines of credit are ideal for use as emergency money. They can be used for irregular or unanticipated expenses like medical deductibles and automobile repairs. These lines are often used by higher income families who don't qualify for college financial aid to pay for their children's college educations. When faced with using a home equity line of credit or savings to pay off credit card debt, it is advised to use the savings to pay of the debt and the line of credit for future emergencies. With home equity lines of credit, you are approved for a certain amount of money, a credit limit. You can borrow any amount of money during the life of your line of credit up to your credit limit. You may be given a check or a debit card that can be used at almost all retailers. Home equity lines of credit are usually variable-rate loans. Using the equity in your home is not a flip decision. Think about it seriously. If you are doing this to consolidate high-interest rate credit cards, it will only work if you do not accumulate any new debt. If you keep using the cards, you are only digging a further pit of debt. Your credit card company cannot foreclose on your home, but your home equity loan lender can. You are placing your home at risk with every mortgage placed on it. It is necessary that you shop for the best rates and terms available. Talk to different lenders and be aware of introductory rates. Read all paperwork carefully before you sign it. Using your home equity can benefit you in many ways, but always display caution. It is still debt Martin Lukac, California mortgage Lender(http://www.martinlukac.com), provides mortgage financing for purchase,refinance,bad credit and more. Request a free quote or ask a question.
MORE RESOURCES: Housing market: Jason Oppenheim warns of an 'armageddon' in the real estate industry - Yahoo Finance How much does it cost to buy a home in Natomas? Sacramento Bee Two-bedroom home in Leominster sells for $305,000 MassLive.com Three-bedroom home in Lunenburg sells for $415,000 MassLive.com Homes for Sale in Manhattan and Queens The New York Times Fifth Wall, focused on real estate tech and managing $3.2B, looks to eat up even more of its market TechCrunch Commercial Real Estate in Crisis: Evidence from Transaction-Level ... International Monetary Fund Here are the latest real estate transfers from western Stark County Massillon Independent Fastest-growing real estate agent offers market insight for 2023 The Dallas Morning News GFP Real Estate Inks Three Leases at 505 Eighth Ave. Totaling ... Real Estate Weekly The Next Big Piece Of Tech Real Estate Seeking Alpha Real Estate Newsletter Articles this Week: New Home Sales at ... Calculated Risk 10 Tips For Real Estate Passive Income Entrepreneur The Importance and Surge of Retail Proptech Real Estate Weekly Top Overvalued U.S. Housing Markets Real Estate Mortgage and real estate news this week: Cooling markets create homebuying opportunity and utility bills rise Yahoo Finance Atlanta's 500 Most Powerful Leaders in 2023: Real Estate Atlanta Magazine Taxation – Real estate – Comparable sales Massachusetts Lawyers Weekly Real estate problems drag down Blackstone’s profits The Real Deal Routt County real estate sales eclipse $10.8M from Jan. 20-26 Steamboat Pilot & Today Words you cannot use in real estate San Diego Community Newspaper Group Former Fugitive Wanted in Oregon for Real Estate Scam Pleads Guilty Department of Justice REAL ESTATE | Manufacturing / Warehouse for rent in West Bend, WI washingtoncountyinsider.com Bel Air’s 260-Acre Spread, Representing 6 Percent of Neighborhood, Goes to Auction Hollywood Reporter Real estate reassessment notices sent to only small percentage of property owners in county Yahoo News The past year in real estate | Business | postandcourier.com Charleston Post Courier Experts say challenges linger but area's commercial real estate ... Fort Worth Business Press Lewiston, Auburn's 'booming' housing market takes center stage at ... Lewiston Sun Journal Chamber welcomes Birch & Pine Real Estate Group Moultrie Observer IFF names new director of Indiana real estate services – Inside ... Inside INdiana Business CALV Presents Commercial Real Estate Class Feb. 17 Nevada Business Magazine Inside Steven Spielberg’s Real Estate Portfolio—Including His Mega-Yacht Architectural Digest California's hottest real estate neighborhoods: Home prices are still ... San Francisco Chronicle Virginia real estate firm acquires Charleston agency 2 weeks after ... Charleston Post Courier Here’s what real estate wants from Chicago’s next mayor The Real Deal Local Scam Alert - Real Estate keweenawreport.com Top 7 Tips for Real Estate Investing With Little Cash: Investor Business Insider How Real Estate Developers Are Teaming Up With Social Media Influencers The New York Times Amazon hires new VP of worldwide corporate real estate ... The Business Journals Photos: Top-selling homes in Flagler County Dec. 22-28 Palm Coast Observer Board of Supervisors Approves Reduced Real Estate Tax Rate for ... Fairfax County Government NewsCenter How to Afford a House in This Market Real Estate Considering a 1031 Exchange? The Rules You Need to Know Kiplinger's Personal Finance Six local real estate projects to watch in 2023 - Sacramento ... The Business Journals Alfred Sanzari Enterprises Welcomes Regional Cancer Care ... Real Estate Weekly Marina Times - Real estate's dog days Marinatimes Berkshire region real estate sales theberkshireedge.com Review: Horror scribe Grady Hendrix breathes life into real estate ... Charleston Post Courier Investing in REITs vs. Direct Real Estate Morningstar DOUGLAS COUNTY REAL ESTATE UPDATE 1.27.23 kqennewsradio.com December 2022's Median Price of Wake County Real Estate ... Wake County Government |
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