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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: A Real Estate Queen and the Secret She Couldn’t Keep Hidden The New York Times Real estate advisor at 'Post' Aliyah Conference: 'It’s important to have someone to hold your hand' The Jerusalem Post Top real estate firm Cushman and Wakefield hires more than 1,400 veterans: ‘Best in class’ New York Post Augusta Housing Department and real estate firms celebrate new housing initiative for local teachers The Augusta Press Houston real estate firm with $5.5 billion in assets to shut down after 23 years - Houston Chronicle NY Dems may punish real estate in response to Trump The Real Deal Why is Everyone Moving Out of Washington DC? 2024 Update DC Real Estate Mama The Cheney Group: Real estate excellence, deep community roots coincide in North Texas Community Impact Mic Takeover: Global Real Estate Lessons and Liability Mitigation With eXp’s Leo Pareja National Association of REALTORS® What’s next for Opendoor after layoffs and $78 million loss? Real Estate News Real Estate | Completely renovated Little Cedar Lake home West Bend, WI | By Emmer Real Estate washingtoncountyinsider.com News | Lionstone parent to offload $5.5 billion in real estate across the United States CoStar Group Housing Prices Could Soon Change VERY DRAMATICALLY, According to Real Estate Experts House Beautiful Austin developer Nate Paul was ordered to serve 10 days in jail. Here's why. Austin American-Statesman These five Leawood developments will expand 135th Street corridor Kansas City Business Journal REAL ESTATE | Rezoning for proposed 90+ unit housing development on Monday, Nov. 11 council agenda washingtoncountyinsider.com For real estate professionals, new debate affects homebuyers, sellers | Home Front Sarasota Herald-Tribune How will Trump’s win affect the real estate industry? Chicago Agent magazine Macomb County real estate transfers recorded June 17-21, 2024 The Macomb Daily Mic Takeover: Navigating an Evolving Industry Through Education National Association of REALTORS® CEO says Trump win brings newfound optimism to US real estate: 'Momentum is about to change big time' Fox Business October 2024 Commercial Real Estate Market Insights National Association of REALTORS® Should You Buy Real Estate After an Election? Experts Weigh In House Beautiful Top 10 Brooklyn Real Estate Listings: A Carroll Gardens Brownstone, a Bay Ridge Limestone Brownstoner Two high-rise projects surpass more than $600 million in sales Las Vegas Review-Journal Trump’s re-election bodes well for this real estate CEO Crain's New York Business Column | Everyone’s ignoring these investors’ warnings on climate risk. You shouldn’t. The Washington Post The most expensive homes sold in Jefferson County (Oct. 8-15, 2024) Louisville Business First High-rise sales are down; prices are up Las Vegas Review-Journal North Jersey real estate saw more new home listings, but higher prices, in October - NorthJersey.com Real estate experts ease Aliyah journey amid wartime challenges in Israel The Jerusalem Post $10.5M North Hampton home sets record: Seacoast real estate report Seacoastonline.com 10 most expensive homes sold in Medina, Oct. 21 - Nov. 3 cleveland.com The future of real estate auctions in India Deccan Herald Feeling fine: the rise of ‘wellness real estate’ Financial Times Disputes are rising over who foots the real estate agent's bill Pittsburgh Post-Gazette Har Nof: Jerusalem's neighborhood of panoramas and piety The Jerusalem Post Meybohm Real Estate expands into Lexington and Columbia ColaDaily.com Blackstone Real Estate to Take Retail Opportunity Investments Private for $4 Billion - Business Wire Welcome to Real Estate Friday! theberkshireedge.com See all homes sold in Avon Lake, Oct. 28 to Nov. 3 cleveland.com Real estate stocks fail to catch fire despite Trump's election victory (RDFN:NASDAQ) - Seeking Alpha Real Estate Newsletter Articles this Week: First Year-over-year Existing Home Sales Gain Since August 2021 Calculated Risk Current Real Estate Roundup - November 7, 2024 Nantucket Current Finding home in Jerusalem: Oren Cohen on real estate, Aliyah, and building roots in Israel The Jerusalem Post How will North Bay housing market react to Trump’s win? The Santa Rosa Press Democrat Is Traditional Real Estate Investing a Dying Breed? How Fractional Ownership is The New Investing Wave Yahoo Finance The Michael Houck Real Estate Guide for Nov. 10 Oil City News Dallas' hottest luxury housing markets ranked The Business Journals See all homes sold in Strongsville, Oct. 28 to Nov. 3 cleveland.com Check out star NFL running back’s Las Vegas sanctuary 15 minutes from The Strip. How much? Sacramento Bee Refined Real Estate: Anacortes designer home with water views lists for $1,695,000 seattlerefined.com |
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