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government home loans for single mothers
A Few Advantages of Home Equity Loans and Lines of Credit
There are several reasons why your home is a good source of funding. These are outlined below. However, we must caution that home equity loans and lines of credit are secured by your home. If you default, you are at risk of losing your home to foreclosure and reposession. So, it is vital that you be able to make the required payments, on time. If you are living on a fixed income and have no other liquid assets, this form of borrowing can be risky. If you fail to make timely mortgage payments, you can lose your home ant there may be better options available to you.
Here are some of the primary advantages of home equity funding.
1) Conventional home equity financing is readily available from most mortgage lenders: That is, most banks, credit unions, savings and loan associations, and other mortgage lenders offer home equity financing. It's easy to shop for.
2) With a line of credit, you have convenient access to loan funds:
Most home equity lines of credit are accessed with checks or a credit card. This makes access to the funds easy and convenient. You present the check or card in the same manner that you would present any other check or card. The lender extends the funds and adds the amount to your principal balance. (Note: Home equity loans do not have this feature. When you obtain a home equity loan, the lender transfers the entire loan amount to you at the loan closing. When you obtain a reverse mortgage, you typically receive monthly disbursements in a fixed amount.)
3) Generally, interest payments on loans secured by your home are tax deductible, but there are some limitations. Talk to your tax assistant or a CPA.
4) Lenders typically offer better interest rates for this type of financing than they do for other, unsecured types of personal loans. In most cases, you'll be able to borrow an amount equal to 80 percent of the value of your equity considering that many credit cards and personal loans have interest rates in excess of 12%, and home equity loans are often below 9%, you can save thousands of dollars in interest alone over the life of the loan. Do the math, and make sure you are being offered what you deserve and clearly understand the payment terms before you sign the dotted line.
5) This is an excellent source of money in retirement. If you are retired or simply need extra money, and own a home, you may be able to get the cash you need by accessing the equity in your home.
Direct Lending Solutions is a credit resource designed to help consumers learn about a variety of financing options available to them. For more information about home equity loans, we also recommend the website to the United States Federal Reserve at http://www.federalreserve.gov/pubs/equity/equity_english.htm.
More Useful Resource and Updates on government home loans for single mothers
- Home equity lines targeted by identity thieves (ABC 15 Phoenix)
Home equity lines of credit are increasingly becoming targets of identity thieves, according to the FBI's annual mortgage fraud report. "Stolen customer identification is being used to compromise home equity line of credit (HELOC) accounts," the FBI reports.
- Opening the tap on home equity (Austin American-Statesman)
Borrow before credit line is frozen, some suggest. Many homeowners who have taken out home equity lines of credit have learned in recent months that these loans are not as useful as they initially seemed.
- Park City Group Secures Bank Line of Credit to Complete Acquisition of Prescient Applied Intelligence (Business Wire via Yahoo! Finance)
PARK CITY, Utah----Park City Group, Inc. , a developer of patented retail supply chain solutions and services, today announced that it has secured a $3.0 million line of credit facility with US Bank as part of the previously announced acquisition of Prescient Applied Intelligence .
- Ford asks Congress for $9 billion line of credit (KATU Portland)
Ford said its November U.S. light vehicle sales tumbled 31 percent amid a continued slump in consumer spending. The automaker asked congress Tuesday for the "stand-by line of credit" to stabilize its business, but says it doesn't expect to tap it.
- Expert: Don Taylor, Ph.D., CFA, CFP (Bankrate.com)
Dear Dr. Don, I have a $170,000 home equity line of credit with Bank of America that is currently completely drawn. I have $100,000 in my bank account and would like to pay down my HELOC with these funds.
- Banks Adjusting Home Equity Loans (FOX 31 Denver)
During this financial crisis, have you checked your home equity line of credit? How about your business line? You might be shocked to learn that banks are now taking back money they've already loaned...in some cases, without warning. FOX 31's Heidi Hemmat reports.
- Ford asks Congress for $9B line of credit (Las Vegas Sun)
Tue, Dec 2, 2008 (10:33 a.m.) Ford Motor Co. is asking Congress for a $9 billion "stand-by line of credit" to stabilize its business, but says it doesn't expect to tap it.
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