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Information on mortgages, home equity loans, and consumer credit to help you use the power of financing to your advantage.
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Loans > Home Equity
Home Equity ABCs
Home equity financing is most often used for fixing up the house, putting the kids through college, buying a car or consolidating debts. Generally there are two types of home equity financing avaible, a home equity loan, and a home equity line of credit.
Home Equity Line of Credit (HELOC) A home equity line of credit is a variable-rate, revolving line of credit based on the available equity in your home and other qualifying criteria. Once approved, you can use your credit line for immediate needs or simply keep it in place for the future.
Generally w/ a home equity line of credit:
You can access your line of credit by check or credit card.
You pay interest only on the amount you use.
Interest is tax deductible. Consult your tax advisor about the deductibility of interest in your case.
The line amount is up to 100% of the available equity in your home.
Home Equity Loan A home equity loan is a fixed-rate loan based on the available equity in your home and other qualifying criteria. You generally receive the loan amount in one lump sum. Home equity loans are geared towards those who have current borrowing needs and want to know what their monthly obligations will be.
Generally w/ a home equity loan:
You can take years to repay a home equity loan.
Interest is usually tax deductible. Consult your tax advisor about the deductibility of interest in your case.
The loan amount is up to 100% of the available equity in your home.
The tips on this website should be considered food for thought only. Lendingtips.com is a clearinghouse of ideas, not a professional adviser. Before any important decision, please consult the appropriate professionals (lawyer, accountant, real estate agency, broker etc.).
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• Loans > Home Equity Loan Articles Archive
• Amortizing Loan Calculator Enter your desired payment - and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment!
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