Category: Home Equity Loans

Home Equity Line of Credit Tax Deduction

Home Equity Line of Credit Tax Deduction

Home Equity Line of Credit (HELOC) is availed for meeting expenses that are of a recurring nature. This is because HELOC is a type of revolving credit that allows the consumer to make withdrawals, up to the sanctioned limit, by using a check. The consumer is usually expected to pay interest on the HELOC that is ...

READ MORE +

Construction Loan Vs. Home Equity Loan

Construction Loan Vs. Home Equity Loan

As mentioned above, the construction loan and the home equity loans, are both similar and also dissimilar with respect to several of their features and also their mechanism. The significant difference in the construction loan and a home equity loan is that construction loan is granted for the actual construction ...

READ MORE +

Home Equity Loan Vs. Line of Credit

Home Equity Loan Vs. Line of Credit

A homeowner can use the built up home equity to avail a home equity loan or a home equity line of credit. The built up home equity, which is the difference between the market value of the home and the mortgage balance due on the house, if any, has to be positive. A negative home equity will prevent the borrower ...

READ MORE +

Second Mortgage Vs. Home Equity Loan

Second Mortgage Vs. Home Equity Loan

A primary mortgage lender advances money to a borrower, who uses the funds to finance the purchase of a home. A mortgage is a secured loan, since the home acts as a collateral for the borrowed sum. The homeowner is expected to make principal and interest payments on a regular basis. If the borrower defaults on the ...

READ MORE +

Pros and Cons of Home Equity Loans

Pros and Cons of Home Equity Loans

Home equity loans are borrowed to serve many purposes. Businessmen use the borrowed money to expand their businesses. Parents may opt for these loans to finance their child's education. Compared to credit cards, home equity loans come with a lower rate of interest. What is Home Equity? The value of 'home ...

READ MORE +

Home Equity Loan Tips

Home Equity Loan Tips

Buying a home is a huge investment that is generally financed by a first mortgage. The need for a second mortgage generally arises when one is forced to spend on repairs pertaining to the house. Sometimes, a second mortgage helps to pay for a child's education, consolidate credit card debts, buy a car, pay for ...

READ MORE +

Home Equity Loan Tips and Advice

Home Equity Loan Tips and Advice

So college is done and a new job is on the horizon, but there are student loans to pay off and your home needs a major overhaul. The wedding put a major dent in your savings and with the baby already on the way, it is going to be impossible to meet all these financial expenses. The easiest thing to do is to take ...

READ MORE +