How To Tap In To Your Home Equity
With today's relatively low interest rates and climbing
property values, many consumers are considering taping into their
home equity to finance everything from home improvement projects
to debt consolidation.
Secured home loans, also called home equity loans, are loans
backed by the borrower's equity in their property. Equity is the
difference between your home's appraised value and the balance on
When a homeowner takes out a secured home loan, they promise
to repay the lender and sign a contract that makes their home the
collateral for the loan. If the borrower does not repay the loan
as agreed, the lender has the right to foreclose on the home.
Generally, loans are repaid with a monthly payment over a fixed
As interest rates and loan terms may vary widely depending on
your credit score, your home equity, and the amount of the loan,
it is important to compare several different lenders to ensure
you are getting the best loan for your situation.
There are many advantages to secured home loans. Home equity
loans generally have lower interest rates than unsecured loans.
In addition, there are many different types of secured home loans
to fit your needs.
When considering using your home as a security instrument to
obtain a loan, it is important to consider the amount you can
afford monthly. Although loans can be used for virtually
anything, if you are going to use the money to make large
purchase, make sure you are buying something that will outlast
the life of the loan.
Remember, if you do not repay the loan as agreed, you may lose
your home. While it may be smart to tap into equity for home
improvement projects that will increase your property value, it
may be foolish to put your home on the line for that dream
Frank Kelly is a freelance writer. Years ago he was an
employee who regularly used payday loans to get thro the month.
Then he disocvered the better alternative of a home equity
Discover useful advice and information about home equity
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