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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: Fort Worth beats Dallas in real estate activity over the past decade, ranks 4th in US Fort Worth Star-Telegram The Downfall of a Real Estate Empire - The Journal. - WSJ Podcasts The Wall Street Journal Elon Musk warns house prices are set to plunge - and says commercial real estate is in meltdown Yahoo Finance Inside the real-life homes of 'Succession' — and how being on TV means millions for brokers New York Post Real Estate Transfers: 5-31-23 - Sent-trib Sentinel-Tribune Houston County real estate transfers May 22-25, 2023 Dothan Eagle Real Estate Transactions: May 22 - 26, 2023 Martha's Vineyard Times REIT Stocks Outperform Private Equity, Real Estate Historically Commercial Observer Miami Real Estate Bankrate.com Elon Musk Predicts Home Prices Will Crash Next, Tweeting Commercial Real Estate Is 'Melting Down Fast' GOBankingRates The Value of Hiring a Real Estate Professional Santa Barbara Independent ATTOM Webinar Summary: Unlocking the Power of Property Data ... ATTOM Data Solutions Real Estate Agent Sentenced to 20 Years in Prison for Conspiring to ... Department of Justice China: Real estate crisis continues FXStreet Destination Medical Center hosts summit on Rochester real estate ... ABC 6 News KAAL TV Warren real estate agent who conspired to sexually exploit children receives 20-year prison term The Macomb Daily San Diego software startup snags $93M to help commercial real ... The San Diego Union-Tribune The Profit Potential of Auction Homes: A Comprehensive Guide for ... Robotics and Automation News How real estate is raising its data game Hospitality Net Nominations sought for Real Estate Hall of Fame Finance and Commerce Real Estate vs. Stocks: Which Has Higher Returns? U.S News & World Report Money Dentons Building Real Estate Bench Strength With New Partner in ... Law.com International The Top Real Estate Companies in New Jersey Real Estate Columbia real estate developer wins preservation awards columbiabusinessreport.com Green Real Estate Project Qlindo Debuts on MEXC Finbold - Finance in Bold Study finds real estate overvaluation across Florida The Capitolist Deciphering Commercial Real Estate Acronyms The Real Deal Real Estate Transfers: May 31, 2023 The Owensboro Times Hamptons Real Estate Market Data - Week of 5/23/2023 Hamptons.com 12 Midweek Must Reads for Real Estate Investors (May 31, 2023) Wealth Management Victor Calanog Leaves Moody's for Real Estate Role at Manulife Commercial Observer 'I can’t afford to live here' | Winter weather impacting spring real estate in Pollock Pines ABC10.com KXTV A real estate mogul just listed his Miami mansion for a cool $54 million. Take a look - Miami Herald Real Estate Transactions, May 31 edition Hopkinton Independent Cross River Bank and Paymints.io Collaborate to Modernize Real Estate Transactions with Secure Payment Infrastructure Yahoo Finance People and Property: Real Estate and Construction News From ... New Hampshire Business Review Real Estate: Coronado Rents One of the Highest in the State ... Coronado Times Newspaper Guerneville: See how much real estate prices have changed in the ... - The Santa Rosa Press Democrat Guerneville: See how much real estate prices have changed in the ... The Santa Rosa Press Democrat Balitecture Announces Acceptance of XRP Crypto Payments For ... The Crypto Basic REAL ESTATE | Visible changes underway after Toucan Custard ... washingtoncountyinsider.com Lafayette Consolidated Government files lawsuit against real estate property KTVE - myarklamiss.com Texas won't limit real estate deals by those from China, other nations ... - Austin Business Journal Texas won't limit real estate deals by those from China, other nations ... Austin Business Journal What Is Escrow? Real Estate HOT PROPERTIES: Sumter property part of $80M transaction columbiabusinessreport.com Susquehanna Introduces Real Estate Major – Susquehanna ... Susquehanna University Real Estate 101: What to do when leads dry up Northwest Georgia News Yarmouth home reflects ongoing high prices for Maine real estate Bangor Daily News Inside Lewis Hamilton’s Global Real Estate Portfolio Architectural Digest Real Estate Upfronts Launch in Los Angeles, Giving a Private First Look at Upcoming Luxury Residences Hollywood Reporter Husband and Wife Real Estate Developers Arrested for Loan Fraud ... Department of Justice Would You Do Acupuncture to Win a Listing? This Real-Estate ... The Wall Street Journal FTC Suit Leads to $16.7 Million Judgment Against Principals and ... Federal Trade Commission News REAL ESTATE | Owner of Pedal Moraine buys building, 1421 S ... washingtoncountyinsider.com Billionaire Investor Says 'Sell Real Estate' Seeking Alpha |
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