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
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