"To err is human; to forgive, divine."Alexander Pope
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Creative Home Equity Strategies For Retirement
The Baby-Boom generation is nearing retirement and it is clear that millions of aging Boomers are financially under prepared. Reasons are many - poor savings habits, rising medical costs, the demise of guaranteed corporate pensions, and the dreaded ...
How To Buy A Home With A Reverse Mortgage
A reverse mortgage loan is very much like a home equity loan. First we'll look at the similarities between the two and then let's discuss how to buy a home with a reverse mortgage. First a reverse mortgage is a lump sum payment or annuity that is paid ...
Trendy Indiana Mortgage Refinancing and Second Mortgage Programs: A Brief Review
The combination of rising interest rates (although still historically low) and rising home prices has caused the robust mortgage market to slow from its record pace. This has motivated Indiana lenders to either introduce creative new loan products or to ...
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Did you know that if you have a home that you've been paying on for years, you may have a lot of usable money right under your nose? What's more, a home equity loan just may be the perfect way to get your hands on that money!
Here's how it works. Let's imagine that your home mortgage is for $250,000, but after years of paying on that note, you only owe the mortgage company $100,000. In this instance, you would have $150,000 in equity in your home. A home equity loan is a specific type of loan that will allow you to borrow against that equity.
Why would you want to do this? The number one reason that people take out home equity loans is as a means to consolidate their debt. Because a home equity loan is a secured loan, the interest rates are considerably lower than that of credit credits or personal loans. And so if a person had $10,000 in credit card debt, they could reduce the total amount of owed–as well as their monthly payments–by taking out a home equity loan and using the cash to pay off their credit card debt.
Another great reason for taking out a home equity loan is to make improvements on your home. Have you been thinking about adding a swimming pool to your backyard? A greenhouse to your yard? A new bedroom or bathroom addition? A home equity loan is a great way to finance those types of projects.
Your first step should be to talk to your current mortgage company about your options, but don't stop there. You will quickly find that there are plenty of companies who are willing to lend you money against your house, and so you should shop around for the best deal.
And that brings us to our final point. A home equity loan is secured by your home. What that means is that if you don't make the payments on time, the lender will have the right to take your home and sell it in order to collect on the debt. Make sure that you are in a position to pay back any amount you borrow against your home!
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HELOC, Car Loan Delinquencies At Record HighsU.S. News & World Report, DC - Jan 7, 2009In the latest sign that consumers are under financial stress, indirect auto loan and home equity lines of credit (HELOC) delinquencies reached their highest ... |
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Credit Cards: You Asked, We AnsweredNow - Jan 8, 2009There's no better feeling than being HELOC free! Question: I request credit reports, but have not been able to find any way to find out my credit score. ... |
PersonalFinance: Should you refinance?Reuters - Jan 8, 2009Home equity lines of credit (HELOC) currently are charging rates as low as 3.5 percent; they are cheaper than regular mortgages now. But that may not last. ... |
Home DepotExaminer.com - Jan 2, 2009... thing this downturn has taught us: you need liquidity and you can almost always borrow that money back if you need it through a 2nd mortgage or HELOC. ... |
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