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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: The Bay Area’s real estate market is flashing a key warning signal San Francisco Chronicle Real Estate Transactions, April 28 edition Hopkinton Independent Tarek El Moussa Calls for 'Real Reform' in Real Estate Industry: 'I Saw Families Lose Everything' House Beautiful European real estate investment rises in the first quarter but macro uncertainty clouds outlook CNBC Compass sues Seattle-area listing database as battle over exclusive real estate listings escalates GeekWire Economic uncertainty following tariffs could change Sarasota, Manatee real estate market Sarasota Herald-Tribune Rhode Island AG Targets Real Estate Management and Development Firm for Alleged Unfair and Deceptive Acts and Practices regulatoryoversight.com ‘Unfiltered’: The inside scoop on Zillow’s new listings rules Real Estate News by RealEstateNews.com Developer Scales Back Framingham Housing Proposal Near Commuter Rail Station Boston Real Estate Times What to know about the spring real estate market in the Gardner area: Tips for home buyers The Gardner News The Real Estate Council of Greater Fort Worth Honors Award Winners fortworthbusiness.com Lake Real Estate Trends: Lake Homes Prices Up 31% In Two Years, Condos A Different Story LakeExpo.com The Top 50 AI Startups Working in Real Estate: Thomvest Ventures Commercial Observer Commercial Real Estate Hall of Fame: Browning Real Estate Partners’ Chelsea Leiter Thompson REJournals Is Rhode Island's spring real estate market here or is something else driving May 'bump' The Providence Journal Boston Children’s Hospital Pauses Planned Move Into Fenway Lab Building, Reports BBJ Boston Real Estate Times Windermere ‘confused’ about Compass’ claims of collusion Real Estate News by RealEstateNews.com Eldridge Real Estate Credit Secures Loan for 591-Bed Purpose-Built Student Scheme in Glasgow Business Wire U.S. Healthcare Real Estate Market | Industry Report, 2030 Grand View Research Baron Real Estate Income Fund Q1 2025 Shareholder Letter Seeking Alpha Commercial+Real+Estate+Roundup+for+April+25%2C+2025 Idaho Business Review Real Estate Roundup: Apartments bought, rebranded amid elevated vacancy rates The Business Journals REAL ESTATE | Phase 1 of Aviation Luxury Townhome Condominiums in Oshkosh near completion | By Christa Weindorf Washington County Insider Oaktree Capital buys Iberian real estate financier Xenia Capital IPE Real Assets Demand of NIS 1.5 billion: Mivne Real Estate completes a successful offering The Jerusalem Post Norway's Wealth Fund Chief Likes Real Estate, Renewables Bloomberg.com Eldridge Real Estate Credit agrees loan for 591-bed purpose-built student scheme in Glasgow - CoStar Bankera founders blew ICO funds on luxury real estate, report Informed crypto news Real Estate Brokerages Fight Over How Houses for Sale Should Be Listed The New York Times Peter Yarrow’s Manhattan Duplex Is Listed at $4.44 Million The New York Times Lexington mayor’s race: Real estate agent to start raising money for 2026 race Lexington Herald Leader As the Language of Sustainability in Real Estate Changes, Business Imperatives Remain the Same Urban Land Magazine Today’s Mortgage Rates – April 29, 2025: Rates Go Down Ahead of Critical Inflation Data Norada Real Estate Investments Housing market outlook: Stability amidst uncertainty FOX 5 Atlanta The most luxurious homes for sale on Tybee Island: Most expensive home going for $4 million Savannah Morning News Aspen Real Estate Snapshot, April 28. 2025 Aspen Daily News Compass sues NWMLS over ‘anticompetitive’ rules Real Estate News by RealEstateNews.com VIDEO | REAL ESTATE | Applebee’s closes in West Bend, Wi Washington County Insider Private wealth to continue reshaping global commercial real estate: JLL Institutional Real Estate, Inc. Real Estate: April 14 to April 18 Newport This Week Solid start to 2025 for European real estate investment volumes Institutional Real Estate, Inc. Anywhere Real Estate: Q1 Earnings Snapshot marketscreener.com La Salle City Council Hopes National Real Estate Consultant Brings Business To La Salle starvedrock.media 6 Unexpected Ways Fintechs Are Transforming Real Estate Investments International Business Times UK Asia Pacific commercial real estate investment volume grows 20% year-over-year to reach $36.3b in Q1 2025 Institutional Real Estate, Inc. North Carolina private equity real estate firm buys Jackson Township shopping plaza Canton Repository An 1878 mansion finds a buyer in a slower week for luxury real estate Crain's New York Business Greater Miami Area Residential Sales Cool in March The World Property Journal Vendor & Real Estate Partners Dollar Tree Tariffs impacting Lehigh Valley commercial real estate rent Lehigh Valley Business The Housing Market Has New Rules. Realtors Are Evading Them. The New York Times Flat River Associates | Real Estate Collective celebrates renovated office in Oakfield Township thedailynews.cc On a Swedish Lakeside, Four Cubes Add Up to One House The New York Times See who made it to Houston Business Journal's 2025 Landmark Awards (PHOTOS) The Business Journals Houston-area real estate agent murdered in Downtown Dallas, suspect turns himself in FOX 4 News Dallas-Fort Worth WTW Strengthens its Real Estate Team with Key Hires to Support Clients in Complex Market - wtwco.com C-I April 29, 2025 Real Estate Transfers pmg-sc.com Almehanya Real Estate Investments And Housing Q1 Profit 199,771 Dinars marketscreener.com Existing-Home Sales Receded 5.9% in March National Association of REALTORS® |
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