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5 Ways to Use Your Home Equity Line of Credit
Your home is a source of pride and accomplishment. Did you know that your home can also be an affordable source of income? As your home appreciates and you make your monthly mortgage payments you build what's called equity. You can access this equity at attractive interest rates using a home equity line of credit (HELOC).
There are a number of advantages to securing a home equity line of credit if you need access to cash for a project or another goal. First, a home equity line of credit may be tax-deductible. Also, HELOC's are very flexible, you access only the money that you need with checks or cards offered by your credit union. That flexibility extends to use. Following are some of the most popular uses for your HELOC.
? Education - College tuition can be very expensive and, unfortunately there are not enough scholarships available to fund the educational expenses of every school-bound student. Most parents do not have pockets deep enough to foot the bill and many loans can be expensive or carry unattractive features. A home equity line of credit offers an attractive option for funding your child's education. Access the money as you need it a pay tuition bills without stress or worry.
? Renovation or remodeling projects - Your home is probably your greatest investment. Add personal or more comfortable touches with remodeling or renovation projects. Many projects such as bathroom and kitchen remodeling jobs can add value to your home's price tag. Maximize your investment and take a tax break to boot.
? Travel - Traveling on a shoestring budget can be fun, but there are times when you want to go first class. The trip of a lifetime awaits with a home equity line of credit. Join your family for a reunion in Ireland or celebrate your fifth or fiftieth wedding anniversary with an African safari.
? Purchase a car - Buy the car of your dreams - finally, with a home equity line of credit. No need to worry about haggling with the dealer, or forgoing discounts or rebates, you have the cash in hand, and a great interest rate.
? Consolidate bills - The average American carries around $7,000.00 in credit card debt. At typical interest rates and with minimum payments it could take more than twenty years to bring the balance to zero. Your high interest credit card bills are a thing of the past when you pay them off with a home equity line of credit. Again, the interest may be tax-deductible. Before you consider this option, make sure that you are ready to change your spending habits otherwise you'll be worse of than when you started; and this time you won't have you home equity as a safety net.
Home equity lines of credit help you do more of those things that matter to you. They can be a wise financial move as they typically offer lower interest rates than other types of loans. It is important to proceed with caution if you decide on a home equity line of credit as the loan is secured by your home. If you are unable to pay, the lender is entitled to seize your property to cure the default. Some states allow foreclosure without a judge's permission. You could lose your home in as little as 37 days. Learn about the laws in your state and before you sign on the dotted line, make sure that you understand your responsibilities and obligations as a borrower, as well as the lender's recourse in the event of default.Credit Unions offer great rates on home equity lines and loans.
Nicole Soltau is the President and Founder of http://CreditUnionRate.com The Leading Credit Union Directory Search, Find, Join.
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 Regulators Might Kill 2020 Mortgage Refinance Boom Yahoo Finance
Don't make these mortgage refinancing mistakes | Business | swoknews.com The Lawton Constitution
Refi Rates Today, July 24, 2020 | Rates slide Bankrate.com
Is It Already Time To Refinance Again? Mortgage News Daily
New FHFA adverse market fee is disastrous for lenders National Mortgage News
You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect - CNBC
What Is A No-Closing-Cost Mortgage? Bankrate.com
How to Refinance a Jumbo Loan Credible News
Friday's business headlines WISHTV.com
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
Mortgage refinance: Everything you need to know Fox Business
How to get the best mortgage refinance rates Fox Business
How to refinance your mortgage Fox Business
How to Decide Whether Refinancing is Right for You? Communal News
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
The basics of no-closing cost mortgage refinancing Fox Business
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years - CNBC
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years CNBC
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For - Forbes
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For Forbes
Compare Today's Mortgage Refinance Rates: Aug 13 Credible News
Should you join the rush and refinance your mortgage now? Washington Post
Money Roundup: South Florida GDP plunge worse than national average; Local billionaires made billions in first months of pandemic and more - South Florida - South Florida Business Journal
Money Roundup: South Florida GDP plunge worse than national average; Local billionaires made billions in first months of pandemic and more - South Florida South Florida Business Journal