Elmira Nancy
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| home equity loan work |
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I need to know all the details and if it is a good choice. I have payed off my vehicle and credit cards and have none, but I have alot of student loan debt. Our dilema are the student loans. And paying them. I have heard about home equity loans and heard about being tax deductible. How do they work? Do they look bad on your credit? How much can you borrow ? Does it add to the years to pay off your house? We only have eleven years left to pay as it is right now. Just wondering what is a good option. I even thought that after I graduate and am working that my pay checks can go all to my student loans. I am just looking for some good ideas without having to stress out about debt and bills and such. We are trying to pay our bills off and so far have done good. But those student loans are looming in the background.
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Thu Dec 03, 2009 6:22 am |
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littleroc02us
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I'm not sure I understand, so you want to move the debt to something else (Home equity Loan) and call it a good financial decision. The tax write off isn't worth it, because imagine if you lost your job and you put a lean on your home. Not a good idea. You stated that you don't have CC and car debt. So work like heck to pay off the school loans. Get it done.
“If you want to stay in debt forever, keep borrowing money.”
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Thu Dec 03, 2009 2:41 pm |
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oldguy
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quote:
I even thought that after I graduate and am working that my pay checks can go all to my student loans. I am just looking for some good ideas without having to stress out about debt and bills and such.
It depends on your interest rates. Typically SLs have very low interest rates and very long repayment terms, 20, 25, even 30 yrs. If that is what you have, that is probably the most inexpensive use of someone else's capital that you will have in your lifetime. So you should keep the SL for its entire term, don't prepay any of it. Instead, use your income stream for better things, build your famiy wealth - ie, your 401k's, your Roth IRA's, a taxable investment account, etc.
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Thu Dec 03, 2009 4:46 pm |
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Robertspeicher
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| Re: home equity loan work |
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There will be times when you need extra funds to do home improvements, purchase a car, or go on a vacation. A homeowner who does not want to use his credit card or tap into his savings can use the equity of his home. With equity loans, you tap into the value of the home and place the home as collateral for the loan. Equity is the value that you have in your home computed by market value minus what you owe on the home.
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Tue Dec 08, 2009 7:42 am |
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littleroc02us
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| Re: home equity loan work |
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quote:
Originally posted by Robertspeicher
There will be times when you need extra funds to do home improvements, purchase a car, or go on a vacation. A homeowner who does not want to use his credit card or tap into his savings can use the equity of his home. With equity loans, you tap into the value of the home and place the home as collateral for the loan. Equity is the value that you have in your home computed by market value minus what you owe on the home.
In my opinion this is absolutely not a good idea. Never take out a home equity loan to purchase a car, take a vacation or do home improvements. Try saving the money and paying for it in cash. If you keep increasing your debt load you'll never be financially secure.
“If you want to stay in debt forever, keep borrowing money.”
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Tue Dec 08, 2009 7:06 pm |
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Keilysmith
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The home equity loans allow a house to borrow money for the promise of home warranty. Borrowers who want to borrow a large sum of money or not having a bad credit loan home equity loan capital are often used attractive.Borrowers home to some of life to higher costs, because the houses are often very useful to borrow against.
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Wed Aug 11, 2010 12:08 pm |
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SaraCEO
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According to me you should not take loan for home warranty for car. I advice you to wait and save some money then buy a car. Buy car with home is not a good deal.
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Fri Aug 13, 2010 1:25 pm |
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moonraker1
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home equity loans are good but having higher rate of interest compare to student loans. So it's not advisable to use them to payoff student loans.
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Sat Sep 18, 2010 10:03 am |
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Angelass
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| Home Equity Loan Online |
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The only setback with home equity loans is that the loan will hold your property as collateral. Home equity loans are great financial tools for your home improvements, payments of debts, your child's education expenses, emergency expenses and medical expenses.
If you are considering getting a home equity loan, shop around first for the ideal home equity lending company. Some home equity lending companies have lots of cost and fees on their home equity loan. On the other hand, there are some home equity lending companies that offer a no fee home equity loan.
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Wed Nov 03, 2010 8:22 am |
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akirasmith
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Home equity loans allow a homeowner to borrow money by making the home as collateral. Borrowers wishing to borrow a relatively large sum of money or not good credit home loan often to attractive.The important is that you can lose your home if you do not meet the required payment of loans.
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Fri Nov 12, 2010 7:50 am |
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jyorjmark
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Real estate companies are coming with many residential and commercial projects to meet the demand for goods residential.Real is a legal term that encompasses land and improvements to the law of succession land.Real is the body of regulations and legal codes pertaining to such matters under a particular jurisdiction.The real estate business in Mexico and Central America are different from the way they are conducted in the United States.
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Mon Jan 31, 2011 7:12 pm |
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yahoosbingos
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Home equity loans are just what the name means: Loans from home using your home as collateral. Understand your home equity is based on the difference between estimated value and you have at home.
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Fri Feb 11, 2011 3:01 pm |
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onlyseo
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u can fulfil your debt by using fix monthly savinf like PPF , insurance or NSC....
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Wed Feb 16, 2011 2:55 pm |
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EdwardsMelissa
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Your comment is correct
I totally agree with him
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Wed Feb 16, 2011 11:01 pm |
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