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Real Estate Information |
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Your Home Equity Can Work for You
"Use your home's equity to pay off your debt. It's easy and simple, no closing costs!" Every time I turn on the television, commercials bombard me telling me to take out a home equity line of credit. People are using their dream homes to pay for even bigger dreams, like a "debt free" lifestyle and college educations for their children. Despite the ease in securing these seemingly beneficial lines of credit, many CPA's and financial planners are cautioning homeowners to gain a full understanding of how these lending options work before they turn their homes into a source of money. There are two options in using your equity to secure funding: a home equity loan or a home equity line of credit. Most lenders will let a homeowner borrow up to 80% of existing equity based on the amount owed on the first mortgage and the appreciated value of the home. Unlike other forms of nondeductible consumer debt, loans less than $100,000 or less that use a home as collateral may have a tax deduction available for interest paid. A home equity loan is most usually used for large purchases, such as financing a major home improvement project, starting a business, purchasing a luxury item or consolidating high-interest credit card debt. There are advantages to securing lending for these purposes, but these types of loans are better suited to those who don't foresee future borrowing needs. Home equity loans are basically second mortgages, which provide you with money that is repayable over a fixed term from five to 15 years. These loans can feature locked-in rates and monthly payments that remain the same. Home equity lines of credit are ideal for use as emergency money. They can be used for irregular or unanticipated expenses like medical deductibles and automobile repairs. These lines are often used by higher income families who don't qualify for college financial aid to pay for their children's college educations. When faced with using a home equity line of credit or savings to pay off credit card debt, it is advised to use the savings to pay of the debt and the line of credit for future emergencies. With home equity lines of credit, you are approved for a certain amount of money, a credit limit. You can borrow any amount of money during the life of your line of credit up to your credit limit. You may be given a check or a debit card that can be used at almost all retailers. Home equity lines of credit are usually variable-rate loans. Using the equity in your home is not a flip decision. Think about it seriously. If you are doing this to consolidate high-interest rate credit cards, it will only work if you do not accumulate any new debt. If you keep using the cards, you are only digging a further pit of debt. Your credit card company cannot foreclose on your home, but your home equity loan lender can. You are placing your home at risk with every mortgage placed on it. It is necessary that you shop for the best rates and terms available. Talk to different lenders and be aware of introductory rates. Read all paperwork carefully before you sign it. Using your home equity can benefit you in many ways, but always display caution. It is still debt Martin Lukac, California mortgage Lender(http://www.martinlukac.com), provides mortgage financing for purchase,refinance,bad credit and more. Request a free quote or ask a question.
MORE RESOURCES: How Jordon Hudson, 24, amassed $8 million real estate portfolio within months of meeting Bill Belichick New York Post Hyderabad blues: Real estate sales in city see biggest drop The Financial Express Real estate report: Industrial market remains ‘chronically underbuilt’ - Baton Rouge Business Report Real estate report: Industrial market remains ‘chronically underbuilt’ Baton Rouge Business Report Exclusive: Trump's first real estate project in Qatar to be announced by Qatari Diar, Dar Global Reuters Over $6.8 Million in Real Estate Money Fueled Fulop’s Campaigns Jersey City Times Two key real estate bills take aim at industry regulations Real Estate News by RealEstateNews.com April real estate transactions CraigDailyPress.com Welcome to Real Estate Friday! The Berkshire Edge Franklin Real Estate Development finds inspiration in Greenville’s history upstate business journal From TikTok to Threads: Jim Gray on Navigating Real Estate’s Next Digital Wave Multifamily Housing News Georgia State ‘College Town Downtown’ Project Earns Best in Atlanta Real Estate Award Georgia State University News Spring 2025: Navigating a Shifting Real Estate Landscape – Bryant-Hafizi Real Estate Santa Clarita Magazine How the Dallas Commercial Real Estate Industry Could Fare in the New Tariff Environment - D Magazine Top 10 Whatcom County real estate questions answered by a local expert My Bellingham Now Report: Health care real estate gains greater favor in Twin Cities Finance & Commerce Berkshire region real estate sales – May 2, 2025 The Berkshire Edge Status update: 7 Upstate commercial real estate projects upstate business journal Real estate report: Residential market should closely mirror that of 2024 Baton Rouge Business Report Compass goes retro with launch of ‘Private Exclusives Book’ - Real Estate News by RealEstateNews.com Compass goes retro with launch of ‘Private Exclusives Book’ Real Estate News by RealEstateNews.com Mortgage rates tick down — but will the drop entice buyers? - Real Estate News by RealEstateNews.com Mortgage rates tick down — but will the drop entice buyers? Real Estate News by RealEstateNews.com Coldwell Banker Realty expands agent transaction support housingwire.com Real estate performance in Quarter 1, and some perspective Garden City News Zillow’s NYC brand to adopt new listing standards in June Real Estate News by RealEstateNews.com House for Sale by Owner RiverBender.com 2024 Top Real Estate Professionals TulsaPeople Magazine How AI And Robotics Are Transforming Real Estate Seeking Alpha Tarek El Moussa Calls for 'Real Reform' in Real Estate Industry: 'I Saw Families Lose Everything' House Beautiful Colantonio Inc. Announces Three Strategic Hires to Support Growth Boston Real Estate Times 70 Hastings Street Nears Full Occupancy After Office-to-Medical Office Repositioning Boston Real Estate Times Real Estate Transactions: May 2, 2025 Greenfield Recorder 'We Are Going Into Winter': Boston Universities Brace For Real Estate Impacts Of Federal Cuts Bisnow Newman Properties and Atlantic Capital Acquire Fully Leased Holyoke Landing for $6.8 Million Boston Real Estate Times Real estate report: ‘Flight to quality’ is driving the Baton Rouge office market Baton Rouge Business Report This Week’s Premier Real Estate Listings TysonsToday DivcoWest Partnership Acquires One Lincoln Street, Announces Major Upgrades for Boston Landmark Boston Real Estate Times Lexington mayor’s race: Real estate agent to start raising money for 2026 race Lexington Herald Leader BXP Reports Strong Start to 2025 With Over 1.4 Million Square Feet Leased - Boston Real Estate Times BXP Reports Strong Start to 2025 With Over 1.4 Million Square Feet Leased Boston Real Estate Times The Overlooked Real Estate Strategy That Could Define New York’s Next Mayor Commercial Observer Inside the Family Office Advantage in Private Real Estate WealthManagement.com How to Choose the Right Real Estate Broker Investopedia 1031DST.com: The Go-To Resource for High-Net-Worth Real Estate Investors & Their Trusted Advisors PR Newswire Compass welcomes Paradise Valley top producers Nathan Waite and David Larchez to luxury real estate brokerage Arizona Digital Free Press Who is Jordon Hudson? NFL legend Belichick’s 24-year-old Gen Z girlfriend stuns tenants as secret landlor Times of India Jordon Hudson builds huge $8M real estate portfolio after starting Bill Belichick romance The Mirror US Real estate transfers in Pike County from April 1-15, 2025 Muddy River News Oregon Real Estate Market Trends in 2025 Breaking AC Real Estate Transactions 5-1-2025 St. Charles Herald Guide Bill Belichick’s Girlfriend Jordon Hudson Reportedly Amassed $8M Real Estate Portfolio Bleacher Report Real estate prices dipping in the DMV DC News Now Metropolis, AMA merge to form real estate finance firm with Bethesda HQ Maryland Daily Record Windermere ‘confused’ about Compass’ claims of collusion Real Estate News by RealEstateNews.com Barbados Booms: Pendry Unveils $2.9M Oceanfront Residences Amid Luxury Real Estate Surge hauteresidence.com |
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