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Home Equity Loans: A Useful Financial Tool
The investment need of an individual varies with time. Thus the need to buy a car or invest in a new house, which may have seemed "beyond means" a few years ago, may be a relevant and wise decision today. However, taking a consumer loan at existing rates may add to the existing debt burden of the individual. This is where home equity loans can be of help.
A home equity loan can be a very useful financial tool in the hands of the borrower, particularly if the avenue where the borrower would invest the loan amount would otherwise have to be financed at higher lending rates.
Thus the borrower can get access to cheaper loans, which can be used to finance secondary requirements like buying a car or modifying/renovating his/her existing home, repaying existing debt, medical costs, etc.
Home equity loans have other advantages too:
Tax deductions: The interest payable on the secured equity loan is deductible up to a maximum of $100,000 or the equity value in your home, whichever is less. Thus besides access to lower rates of interest, the equity loan also gives the borrower tax benefits.
Lower interest rates: As discussed earlier, a home equity loan can give access to loans at a lower rate than other means of debt like credit card debt or consumer loans. This can amount to a considerable savings on interest payments. Hence these loans can be used to retire old high-cost debt and help in the consolidation of debt.
Ease of qualification: As compared to other loans, it is easier to qualify for a home equity loan. This is because the loan is disbursed against the equity of your existing home. This results in a faster and relatively hassle-free disbursement of loans.
Flexibility of payment: The borrower can use the loan as and when required and may also be able to decide when the principal repayment should be done. This proves to a useful tool in the case of money management, particularly in the case of emergencies.
Home equity loans, if used wisely, can improve the financial standing of an individual as they provide easy and relatively cheap access to money.
Home Equity Loans - Rates, in depth articles and professional second mortgage advice. Find the lowest home equity loans rates and lenders.
MORE RESOURCES updated Fri. August / 14 / 2020
Is Now the Time To Refinance Your Mortgage? The New York Times
Low rates drive surge in mortgage, refinance activity in Spokane Spokane Journal of Business
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business
FHFA Drops a Bomb; Your Refi Just Got Much More Expensive! Mortgage News Daily
6 Ways to Negotiate Home Closing Costs Credible News
Refi Rates Today, August 10, 2020 | Rates drop Bankrate.com
How much does it cost to refinance? Bankrate.com
Don't make these mortgage refinancing mistakes | Business | swoknews.com The Lawton Constitution
Mortgage Rates Today, August 11, 2020 | Rates climb Bankrate.com
Refi Rates Today, July 24, 2020 | Rates slide Bankrate.com
Is It Already Time To Refinance Again? Mortgage News Daily
You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect - CNBC
A 'Middle Finger' to Struggling Families: How a New Fee Is About to Make Refinancing Your Mortgage a Lot More Expensive - MSN Money
A 'Middle Finger' to Struggling Families: How a New Fee Is About to Make Refinancing Your Mortgage a Lot More Expensive MSN Money
Lenders Are Making It Harder To Get A Mortgage. Here’s How Borrowers Can Improve Their Odds - Forbes
What Is A No-Closing-Cost Mortgage? Bankrate.com
How to Refinance a Jumbo Loan Credible News
Hotels lobby for big bailout from Congress Orlando Sentinel
How the right questions yield smart mortgage... Kent Reporter
Mortgage industry faces 'tsunami' of refinancing deals Phoenix Business Journal
More Wells Fargo customers say the bank decided to pause their mortgage payments without asking - NBC News
More Wells Fargo customers say the bank decided to pause their mortgage payments without asking NBC News
Fannie Mae, Freddie Mac "Adverse Market Fee" met with anger, confusion - Mortgage Professional America
Fannie Mae, Freddie Mac "Adverse Market Fee" met with anger, confusion Mortgage Professional America
Mortgage refinance: Everything you need to know Fox Business
How to get a jumbo mortgage when lenders are scarce Bankrate.com
How to Decide Whether Refinancing is Right for You? Communal News
How to refinance your mortgage Fox Business
How to get the best mortgage refinance rates Fox Business
Here's how to pay off your mortgage faster (But should you?) | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Here's how to pay off your mortgage faster (But should you?) | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Is now the best time to refinance your mortgage? Fox Business
10 things to know before refinancing your mortgage Fox Business
5 unexpected sources of retirement income Fox Business
When should you refinance your mortgage? Fox Business
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
How does mortgage refinancing work? Bankrate.com
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears CNBC
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
The impact of the coronavirus on mortgage refinancings Brookings Institution
Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway - MONEY
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway MONEY