| A Home Equity Loan - What You Should Know? |
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chowong
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| A Home Equity Loan - What You Should Know? |
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What do you think about this article?
A Home Equity Loan - What You Should Know? by Dean Shainin
Copyright 2005 Dean Shainin
Asking yourself, Is a home equity loan right for me? is the first and most important step to take.
Home equity loans have become so popular today because of increasing home values. A home owner can access money for consolidating debt, home improvements, a new car, education or starting a new business.
Emotions can take the place of logic when considering a home equity loan.
It is a good idea to sit down and take your time before signing up. Educating yourself will benefit you in the long run.
It is so long, read more A Home Equity Loan - What You Should Know?
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Fri Feb 16, 2007 5:17 pm |
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Davy Dany
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There are many benefits of taking out a second mortgage or home equity line of credit. Here are several of those benefits:
Extended Repayment Terms – Home equity lines of credit can have incredibly flexible repayment terms. Some will not require payment in full until you sell your home. This isn't to say you should allow debt to languish, but the extended payment terms on loans like these are a huge benefit.
Payments on Interest Only – Home equity lines often only require a payment based on the interest you have accrued. This makes for much lower monthly payments.
No Closing Costs – Most home equity lines of credit are available with no closing costs and no money out of pocket for you. There are always some fees, but with the right lender, these fees will be built in to their commission structure.
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Sat Feb 24, 2007 8:38 am |
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efflandt
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Location: Elgin, IL USA
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My lender gave me a free HELOC when I refinanced in 2005. Not free of interest, just free of any other fees (no annual fee). And it is not really for additional money, just to reborrow principal that I have already paid off. They even gave me a checkbook, so if I ever need the money, I can write myself a check.
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Sat Feb 24, 2007 4:56 pm |
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