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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: America may be copying the worst part of Europe's real estate market Business Insider Real estate broker George Pino faces new manslaughter charge in 2022 deadly boating accident CBS News This $79.5M Wyoming ranch is 4 times the size of New York City — and larger than Rhode Island New York Post Two of S.F.’s largest hotels are on the verge of being sold, despite repeated delays San Francisco Chronicle 'Unfair advantage' The Business Journals Portland’s downtown office building fire sales will hasten millions in lost property taxes OregonLive.com Berkshire region real estate sales – August 8, 2025 The Berkshire Edge 3 Real Estate Groups Organize Mayoral Candidate Townhall Biz New Orleans Housing Partnership Hears about Real Estate Transfer Fee The Bedford Citizen Rochester housing crisis mirrors national real estate woes Rochester Business Journal A New Perspective: Pie-in-the-Sky | Real Estate Insights Piedmont Exedra Will Fannie and Freddie go public? It could happen — soon Real Estate News by RealEstateNews.com Texas Teachers commits $776 million to real estate, private equity Pensions & Investments Coldwell Banker’s Jeff Taylor Real Estate rebrands as Liscinsky Realty Atlanta Agent Magazine Which RI town has the 8th hottest real estate market in the country? It might surprise you. The Providence Journal Dawson County weekly real estate transactions, Aug. 8 Central Nebraska Today Trump Order Clears Way for Crypto and Private Equity in 401(k)s The New York Times Homes for Sale in New York and New Jersey The New York Times The Pipeline: Commercial real estate roundup for 8.8.25 Richmond BizSense FCERA commits $25m to real estate fund Private Equity Real Estate | PERE 18 -year old RCC student earns real estate license Greater Fayetteville Business Journal 'And Just Like That' Season 3 Episode 11 Recap: The Woman Has Real Estate Issues Back Row | Amy Odell Surviving in ’25: Real estate finds opportunities in a trade war - Private Equity Real Estate | PERE Surviving in ’25: Real estate finds opportunities in a trade war Private Equity Real Estate | PERE 196K-sf office building set to undergo renovation Texas Real Estate Research Center Investment firm picks up 228K-sf Houston industrial portfolio Texas Real Estate Research Center Welcome to Real Estate Friday! The Berkshire Edge Real Estate Roundup: July update Chain Store Age Springfield real estate brokerages combine Springfield Business Journal Fond du Lac County property sold for $1.4M in real estate transfers for July 28-Aug. 1 fdlreporter.com Will the Housing Market Crash in 2025: What Experts Predict? Norada Real Estate Investments Has Apollo Commercial Real Estate Finance (ARI) Outpaced Other Finance Stocks This Year? Yahoo Finance Real estate tax bills sent out as Bolton prepares for its sixth budget referendum The Middletown Press Charge added for South Florida real estate mogul George Pino in connection with fatal boat crash WPLG Local 10 Real Estate Sales Market Watch Report for 1st half of 2025. The Berkshire Edge A foreign investor has quietly spent $65M for Malibu real estate charred by January’s wildfires New York Post Real estate sector turns to QES and IDV to address familiar issues Biometric Update LACERS assigns $50 million to European value-added real estate fund Pensions & Investments Farm real estate values top $4,000 per acre The Mighty 790 KFGO A look at Lakes Region communities developed in the 1980s The Laconia Daily Sun LOCAL REAL ESTATE TODAY 8.8.25 KQEN News Radio Fertility, Sex Relationships, Real Estate, and Diversity | Uncharted Territories Magazine | Summer 2025 Uncharted Territories | Tomas Pueyo Cadwalader Nabs Sidley Real Estate Partner Following Firm Exits Bloomberg Law News Real estate secrets hiding in plain sight Komando.com Barnet Real Estate Transactions, July, 2025 Caledonian Record Valley of the Sun Real Estate marketplace holds steady, Phoenix REALTORS data illustrates Arizona Digital Free Press Real estate sales in Jefferson, Bullitt and Oldham counties for Jan. 20-26, 2025 The Courier-Journal Mortgage Rates Drop to Lowest Levels Helping Buyers Save Thousands Norada Real Estate Investments Apartment complex in revamped former Motorola campus for sale Crain's Chicago Business Solano Real Estate Scene: Selling homes, loans can be tough Daily Republic Blackstone names interim real estate trust CEO after Wesley LePatner’s death Crain's New York Business Lebanon County real estate transfers, sponsored by Reliable Moving and Storage (July 16 to July 31) LebTown |
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