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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 Thu. February / 09 / 2012
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New HARP Could Help Up to 6.7 MillionNASDAQOther changes to the program were designed to make it easier for homeowners with private mortgage insurance (PMI) to refinance or to obtain a HARP mortgage refinance with a lender other than their current mortgage servicer. In addition, new limits were ...and more » |
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