Free Home Equity Loan Information
Home equity loan information can sometimes be confusing and
misleading. I have written this article to properly explain home
equity loans. Basically equity is the difference between your
home's appraised -- or fair market value and the outstanding
mortgage balance you owe on your home. Borrowing against the
equity built up in a home has become extremely popular.
If you're wondering why this has become popular it's due to
the tax deductions and the low interest rates that are current in
today's housing loan market. It's also because of the growth of
equity in most people's homes.
For instance if you buy a house for $100,000 with a down
payment of $20,000 and have made payments of $10,000 towards the
principal then you would have $30,000 in equity. But wait suppose
your house has increased in worth to $120,000 in that case then
you would have $50,000 in equity that you could use for a home
This equity is very valuable because you can use it without
selling your home. Banks consider this equity to be secure since
it is based on your house so they are more inclined to give you
lower rates when loaning money against the equity.
However, don't be mislead. The cost for these loans is higher
then your actual mortgage rate but since many people use their
home equity loan to pay off credit cards or make house
improvements they end up paying less then if they had gotten a
traditional loan. Best of all the interest on this type of loan
is also tax deductible. When you add it all up you can actually
save money in finance charges.
Anyone using this type of loan must be careful though because
if a person defaults or fails to make payments on this loan then
the bank can forclose on your house which could prove to be a
financial nightmare for the careless borrower. For this reason I
recommend using caution when using a home equity loan.
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