Home Equity Line of Credit - Great for Remodeling
Many homeowners are lucky enough to find a house that
represents exactly what they want in a home. They buy it, make
the payments on it, and live more or less happily ever after.
Others are not so fortunate. Some buyers who live in a pricey
market may have to settle for less house than they need, hoping
to find a solution to their lack of space later. A third group of
buyers may find that their housing needs change over time, as
their family size increases. What can be done in these
A common solution to these problems is to add on to the house,
often accomplished by converting a garage to a room, adding a
room over the garage, or simply adding a room somewhere else on
the property. For these projects, a home equity loan is a great
source of financing. The home itself is used as collateral for
the loan, and the addition actually increases the value of the
house. As most of these projects involve a fixed cost, the
payments can be structured at a fixed interest rate over a
specific period of time. But what about the do-it-yourself
project? What if the problem with the home isn't a lack of space,
but a lack of taste on the part of previous owners? Is there a
better financing choice in these situations?
If your problem is gold appliances, lime green carpet, and
smiley face wallpaper, you may be looking at a remodeling project
of indeterminate duration. For such a project, a better financing
choice would be a home equity line of credit, or HELOC. A line of
credit offers greater flexibility, both in interest rates and
repayment terms, than a traditional line of credit. The loan
amount is based on the amount of equity in the home, but the
funds aren't dispersed all at once. Instead, the borrower is
given a checkbook, a special credit card, or both and can use
them to draw upon funds at his or her leisure. Payments only
apply when money is actually borrowed, and the repayment plans
can be arranged with both fixed and adjustable interest rates,
depending on the lender. This is ideal financing for someone who
has purchased a fixer-upper home that needs a variety of changes,
repairs, or modifications. The credit card can easily be used to
purchase paint, drapes, flooring, appliances or whatever the
homeowner requires to make the home fit their needs.
If you just need to hire a contractor to add a gameroom to
your home, a traditional home equity loan would work well. For
ongoing projects with indefinite timeframes and budgets, a home
equity line of credit may be the best choice.
©Copyright 2005 by Retro Marketing.
Charles Essmeier is the owner of Retro Marketing, a firm
devoted to informational Websites, including End-Your-Debt.com, a
Website devoted to debt consolidation and credit
counseling information and HomeEquityHelp.net, a site
devoted to information on mortgages and home equity
MORE RESOURCES updated Fri. November / 16 / 2018
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news
CUNA News (press release)
'Flat' mortgage market aheadCUNA News (press release)This year is turning out like most people predicted in the mortgage arena. Rising interest rates have significantly hampered the mortgage refinance market. The growth of the purchase market can only be as great as the inventory of available homes.
Mortgage Refinancing - CredibleCredible News (blog)It's quick and painless. Tell us a little bit about you and your home to get accurate prequalified rates without impacting your credit score. 2. Compare rates from ...and more »
RELATED MORTGAGE AND REFINANCING ARTICLES:
What is a Tracker
A tracker mortgage 'tracks' the Bank of England base rate,
meaning your mortgage stays in line with interest rates and
the market in general. The result on your monthly mortgage
interest payments is that they go up when the base rate
goes up and go down when the base rate goes down.
Home Mortgages: Should
You Apply Now?
If you're thinking about applying for a new mortgage or
refinancing your current mortgage, you might want to take
action now. In its survey this week (the week of Aug.
Home Equity Loans
Fixed Rate Mortgages: These loans have a fixed rate of
interest over the entire term for which the loan has been
disbursed. The term for these mortgages is typically
between 10 to 30 years.
Of Financial Helplessness
The term 'mortgage' is assumed really controversial by
people when they are contemplating the idea of taking a
loan. It is definitely a very simple procedure which is
presumed complicated because your home is attached to the
Which is Better?
Fixed-Rate or Adjustable-Rate Mortgages
The answer depends on several factors including your
financial situation. Lets take a look at the main
differences between the two types of mortgages.
Home Mortgage Lenders -
How to Find A Good Mortgage Broker Online
Mortgage lenders have set up shop online, but they aren't
all reputable mortgage brokers. To find a good mortgage
lender you need to compare rates and research to find
Mortgage Lead and
A mortgage lead is an exciting thing because you are filled
with the thought of buying a house. Mortgage leads are
listings of information dealing with how much a house will
How to Find the Lowest
The quest is on! You're in the market for a new home loan,
a refinance, or a consolidation and you absolutely insist
on finding the lowest rate possible! So what better place
to do your research, then here on the internet, late at
night, with your coffee in hand, and your family fast to
sleep! We'd like to help you on your quest, so here are 3
free tips that we think will speed up your journey, and
move you to success:1. Benchmarks 2.
A New Choice for Home
Financing: Correspondent Lenders
When you begin your search for a new home loan, one of the
first things to consider is where you'll get the money.
Your basic choices will be mortgage brokers and banks.
When Not To Agree To A
Home Equity Loan
Before you borrow money on your home's equity, think twice
so you don't end up paying more than you expected. According
to the Federal Trade Commission, homeowners-particularly
elderly, minority and those with low incomes or poor credit
should be careful when borrowing money based on their home
Subprime Mortgage Loans
Online - What To Expect
Applying for a subprime mortgage loan online can seem
intimidating at first. With so many lenders to choose from,
it can appear difficult to find the best mortgage loan.
Home Equity Loans in
A few notes of importance: This only applies to a homestead
property, that is the customers primary residence LTV
refers to Loan to Value, meaning the loan amount as
compared to the value of the home. As an example, a loan of
$75,000 on a home valued at $100,000 would be a loan at 75%
Ending Your Private
Mortgage Insurance Early
Private mortgage insurance, or PMI, is the safety net of
the lender. PMI benefits lenders because it guarantees
payment on the balance of loans not covered by the sale of
Mortgage Broker or
Assassin? A Banker Who Offers You This Loan May be Trying
to Kill You!
What if a banker or mortgage broker told you he's loan you
25 percent above the value of your home? You might think it
sounds great, but I sure hope you'd say no. This is a loan
only the most money-hungry and unscrupulous loan officers
Refinancing Your House -
How to Know Whether to Refinance or get a Second
Refinancing your house's mortgage is not the same thing as
getting a second mortgage. While both allow you to cash out
your home's equity, terms and rates differ between the two
types of loans.
Reverse Mortgages - A
Tax Free Income For Senior Citizens
I fully realize if it sounds too good to be true, it
probably is and There Is No Such Thing As A Free Lunch
(TANSTAAFL) immediately jumped into your head when you read
the title of this article. However, if you are 62 or over,
you may have just found the goose that laid the golden egg.
What the Bank Won't Tell
You About Mortgage Refinancing
So you have a mortgage, and you need to refinance to get
your interest rates low. Most people simply walk into their
bank, ask to refinance, and then end up paying more money
long term than they would have otherwise.
5 Things In Selecting
The Best Mortgage - You Should Know
Your goal is not only to find the best rates and programs,
by searching through a huge number of lenders products, and
save yourself thousands of dollars on mortgage payments
every year, but also, to save time and hassle by
simplifying the loan process and reducing the paperwork.
Here are some things you can keep in mind when selecting a
Mortgage: For Those
Tracing back, the concept of reverse mortgages began when
one good soul, Nelson Haynes of Deering Savings and Loans
wanted to help out the widow of his high school football
coach. Today that small act has developed into a popular
financing option for the senior citizens.
Refinancing Your Home
You're considering refinancing your home mortgage loan to
save money. Interest rates are the lowest they have been in
used office furnishings-supplies-equipment-desks-cubicles-service-counters for
sale in Akron Ohio
Die cast model cars for sale in Akron Ohio
used cars for sale in Akron Ohio
unfurnished homes for
rent in Akron Ohio
ARM compare rates find the best rates current in your area lenders read reviews calculator adjustable rate loan home lenders brokers
quotes florida houston gmac washington interest only 2nd software debt consolidation
reverse senior equity texas maryland options lending bad credit
option one ameriquest chase first banks emc residential california miami dallas est branch marketing
home company commercial yahoo online bad credit low credit no credit