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home equity line what is it
Home Equity Debt Consolidation Loans - 3 Things To Know
Decided to consolidate your debt with a Home Equity Loan? That may be a very smart idea! Consolidating your debt allows you to make just one monthly payment, and home equity loans tend to have low interest rates and tax perks too, which could save you money. But before you borrow from the equity in your home, remember these three things:
It's not available to everyone.
Just because you "own" your home doesn't mean you'll be able to get a Home Equity Loan. The equity you have equals the value of your home minus the amount you still owe on it. So if you only purchased your home recently--or home values have fallen in your neighborhood--you might not have any available equity. Moreover, a lender will also assess your credit and financial situation--such as your credit score, current employment and income--before approving your loan application. Although it's a lot easier to get approved for a home equity loan than other types of loans, some borrowers may not qualify.
Your home is at risk.
With a Home Equity Loan, your house is collateral for the loan. So if you have problems making payments, the bank or lender can actually repossess your house. In general, you should only borrow from a home equity loan for debt consolidation if you're absolutely certain that you'll be able to make the monthly payments.
You may not save as much as you think.
People assume the interest they pay on a Home Equity Loan is tax deductible, and in most cases they're right. However, there are some states in which Home Equity Loan interest is not tax deductible, so check out the rules and regulations in your area before you sign up for the loan. Also, watch out for fees, charges and other extra costs that may be attached to your loan. Paying lots of points and fees could mean that you're not saving as much as you think with your Home Equity Loan.
Although a Home Equity Loan can be a smart, low-cost way to consolidate debt, make sure you carefully research your decision--and weigh the pros and cons--before signing on the dotted line.
About the Author :
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More Useful Resource and Updates on home equity line what is it
- 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.
- Fixed-rate trap snares 43,000 home owners (Sydney Morning Herald)
MORE than 40,000 unlucky people have been caught out in a fixed mortgage rate trap, having taken out their loan at the highest fixed interest rates in a decade, denied any saving from the recent cuts and confronting costly break fees if they decide to refinance.
- Fixed-rate trap snares home owners (Sydney Morning Herald)
More than 40,000 unlucky Aussies are being denied any saving from the recent interest rate cuts.
- Bernanke urges action to halt foreclosures (Reuters via Yahoo! News)
Federal Reserve Chairman Ben Bernanke on Thursday urged more aggressive steps to halt home foreclosures and said government-funded programs could help strapped homeowners.
- (AFX UK Focus) 2008-12-04 16:30 Bernanke - need to do more to halt foreclosures (Interactive Investor)
WASHINGTON, Dec 4 (Reuters) - U.S. Federal Reserve Chairman Ben Bernanke on Thursday urged more aggressive action to halt home foreclosures, and said write-downs of principal may need to be part those efforts. "Despite good-faith efforts by both the private and public sectors, the foreclosure rate remains too high, with adverse consequences for both those directly involved and for the broader ...
- Bernanke says need to do more to halt foreclosures (Reuters via Yahoo! News)
Federal Reserve Chairman Ben Bernanke on Thursday urged more aggressive action to halt home foreclosures, and said write-downs of principal may need to be part those efforts.
- Consumer Loan Rates (The Springfield News-Leader)
Springfield financial institutions quoted the following rates Friday for home equity, auto and boat loans. The home equity rate is based on a $10,000 loan or line of credit with applicable points included. Rates are variable unless otherwise noted. Additional fees are not included. The auto loan rate is based on a 48-month contract for a new car. The boat rate is based on a loan for a new boat.
- Five Home-buying Myths (Carteret County News-Times)
(ARA) - As first-time homebuyers grow curious about the home-buying process, they often turn to friends and family for advice about purchasing a home. While these sources can provide useful tips and information, they also may perpetuate some common home-buying myths.
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