Mortgage and Refinancing Information Channel:
We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
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 Sat. December / 09 / 2023
Refinancing Perks Up as Rates Drop Mortgage News Daily
Mortgage Interest Rates Today, December 6, 2023 | Rates Down Ahead of Next Week's Fed Meeting - Business Insider
Mortgage Interest Rates Today, December 6, 2023 | Rates Down Ahead of Next Week's Fed Meeting Business Insider
Mortgage rates are falling at fastest pace since the 2008 crash Business Insider
Mortgage Interest Rates Today, December 9, 2023 | Latest Jobs Report Points to Lower Rates in 2024 - Business Insider
Mortgage Interest Rates Today, December 9, 2023 | Latest Jobs Report Points to Lower Rates in 2024 Business Insider
What Is A Reverse Mortgage? Bankrate.com
Can You Get A Mortgage Without A Job? A Complete Guide Zing! Blog by Quicken Loans
Mortgage Refinance Rates: Compare Current Rates Business Insider
Does Refinancing A Mortgage Hurt Your Credit? Bankrate.com
When to Refinance Your Mortgage: 5 Times to Consider It Business Insider
Best Mortgage Refinance Lenders of December 2023 Business Insider
Mortgage refinance demand spikes as rates fall Greater Baton Rouge Business Report
15-Year Mortgage Rates: Compare Current Rates Business Insider
Mortgage refinancing: What is it, and how does it work? CNN Underscored
How soon can you refinance a mortgage? CNN Underscored
How much does it cost to refinance a mortgage? CNN Underscored
Top Auto Loan Refinancing Lenders NerdWallet
US Mortgage Refinance Demand Surges 14% as Interest Rates Hit Lowest Point since August - Coinspeaker
Refinance Appraisal: How It Works And What To Expect Bankrate.com
Is Now a Good Time for a Mortgage Refinance? NerdWallet
Refinance mortgage applications hit two-month high Mortgage Professional
Mortgage Rate Forecast for 2024 USA TODAY
A strategy to buy a home and set up a future refinance Community Voice
Current Student Loan Interest Rates in December 2023 Business Insider
Current national mortgage and refinance rates, November 27, 2023 | Majority of rates rise - Bankrate.com
Current national mortgage and refinance rates, November 27, 2023 | Majority of rates rise Bankrate.com
MBA: Mortgage Applications Increased in Weekly Survey Calculated Risk
15-Year Mortgage Refinance Rates: Compare Current Rates Business Insider
The Great Pandemic Mortgage Refinance Boom - Liberty Street Economics Liberty Street Economics -
Current VA refinance rates today Business Insider India
Mortgage refinance: What is it and how does it work? Yahoo Finance
Home Loans For Single Moms | 2023 Programs And Assistance The Mortgage Reports
VA loan refinance: What is it and how does it work? Yahoo Finance
Will Mortgage Rates Go Down in 2024? What Homebuyers Should Expect Business Insider
How To Choose The Right Kind Of Refinance For You Bankrate.com
When Should You Refinance Your Mortgage? Bankrate.com
The best mortgage lenders for refinancing in December 2023 CNN Underscored
Mortgage Interest Rates Today, December 7, 2023 | Rates Low So Far This Month - Business Insider India
Mortgage Interest Rates Today, December 7, 2023 | Rates Low So Far This Month Business Insider India
7 Ways To Refinance A Mortgage With Bad Credit Bankrate.com
What Credit Score Do I Need To Refinance? Bankrate.com
Mortgage Interest Rates Today, November 30, 2023 | Rates Dip Even Further as Markets Eye Fed Cuts - Business Insider
Mortgage Interest Rates Today, November 30, 2023 | Rates Dip Even Further as Markets Eye Fed Cuts Business Insider
Best Mortgage Refinance Lenders In 2023 Bankrate.com
How Long Does It Take To Refinance A House? Zing! Blog by Quicken Loans
Mortgage Interest Rates Today, December 1, 2023 | Rates Fall Further, Boosting Affordability - Business Insider
Mortgage Interest Rates Today, December 1, 2023 | Rates Fall Further, Boosting Affordability Business Insider
Cash-out refinance: How does it work? CNN Underscored
Do I Need Money Down To Refinance My Mortgage? Bankrate.com
Should You Refinance Halfway Through Your Mortgage? Bankrate.com
How Soon Can I Refinance My Mortgage? | Mortgages and Advice | U.S. News - U.S News & World Report Money
How Soon Can I Refinance My Mortgage? | Mortgages and Advice | U.S. News U.S News & World Report Money
2 Reasons Why a Free Mortgage Refinance Could Be Right for You The Motley Fool
What To Know About Second Home Refinancing Bankrate.com
Refinancing To Avoid Foreclosure: FAQs Zing! Blog by Quicken Loans
Should you refinance your home after divorce? Here's what happens to your mortgage after untying the knot - CNBC
Should you refinance your home after divorce? Here's what happens to your mortgage after untying the knot CNBC
Cash-Out Refinance For Home Improvements Bankrate.com
What's The Cost To Refinance A Mortgage? Zing! Blog by Quicken Loans
CFPB Mortgage Report Finds Jumps in Closing Costs and Denials for Insufficient Income, Growing Proportion of Cash ... - Consumer Financial Protection Bureau
CFPB Mortgage Report Finds Jumps in Closing Costs and Denials for Insufficient Income, Growing Proportion of Cash ... Consumer Financial Protection Bureau