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| What is a home equity loan? http://www.propertymaps.com/village/viewtopic.php?f=3&t=479 |
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| Author: | morbilio [ Sat Oct 11, 2008 7:19 pm ] |
| Post subject: | What is a home equity loan? |
I am new to the housing market and I've been hearing a lot of talk in the news about home equity loans. Can anyone explain it to me in simple terms? One of the reasons for this is, I have been thinking of purchasing a home in a modest area where the average income is around $40,000 a year. Obviously, the home will need updating and improvments, so I will need a loan. Does anyone think I'd qualify for a home equity loan? Or should I rely on credit cards to make these improvements? What does everyone here think? |
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| Author: | pack789 [ Mon Oct 13, 2008 3:03 pm ] |
| Post subject: | Re: What is a home equity loan? |
A home equity line of credit is when borrower's home acts as protection or collateral for a loan. In a sense, your home becomes a source of credit to pay for big expensive items such as home improvement projects, education, retirement programs, or a new car. When you are approved for a home equity loan, your bank or lending institution will allow you to draw upon a fixed amount of equity. This amount is based on the appraised value of your property minus the rest of the money you owe on your mortgage. Don't forget there is some risk involved with getting a home equity loan. If you don't pay back your balance, you can get into creditor trouble and possibly lose your house. So do you homework and make sure you can afford the payments! |
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| Author: | sabakas [ Tue Nov 18, 2008 11:06 am ] |
| Post subject: | Re: What is a home equity loan? |
With the way the economy is going these days, I would wait to get a home equity loan. Too many people are losing their jobs today and some can't afford to pay their mortgage. I realize that I don't know what your income is or your profession, but the stock market alone should be telling you that people's investments are going down along with their retirement. In fact many retailers are expecting a slump in sales and some are coming up with creative ways to entice people to spend. |
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| Author: | Jerry Rosenfeld [ Sun Jul 12, 2009 6:26 am ] |
| Post subject: | Re: What is a home equity loan? |
A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. With a home-equity loan, homeowners can borrow up to $100,000 and still deduct all of the interest when they file their tax returns. |
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| Author: | Jones S [ Sat Jul 18, 2009 3:52 am ] |
| Post subject: | Re: What is a home equity loan? |
Home-equity loans provide an easy source of cash. The interest rate on a home-equity loan - although higher than that of a first mortgage - is much lower than on credit cards and other consumer loans. As such, the number-one reason consumers borrow against the value of their homes via a fixed-rate home equity loan is to pay off credit card balances (according to bankrate.com). Interest paid on a home-equity loan is also tax deductible, as we noted earlier. So, by consolidating debt with the home-equity loan, consumers get a single payment, a lower interest rate and tax benefits. |
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| Author: | A [ Wed Aug 18, 2010 11:46 am ] |
| Post subject: | Re: What is a home equity loan? |
I'm new here and i hope, i can help people. I know a site which is about home equity loan, home equity loan rates and some tips. You can check if you want. Homeequityloansrates i wish, i could help you. Take care. |
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