AKA
The "HELOC"
If you need to remodel
or repair your home, for debt consolidation or for educational expenses a home equity loan may be the best option available to you. Not only
are you able to tap the equity in your home, the interest
charges are, in most cases, tax deductible (there are limits to your
deductibility if the total amount of loans is in excess of 100% of its
value).
There are a couple
of options available to you. You can choose either a Home Equity Loan,
which is a fixed amount of money that is repaid over a fixed number
of years, or a Home Equity Line of Credit, where you will be approved
for a set amount of money which you will access as you need it, whether
for home improvements or some other use. Accessing your line of credit is as easy as writing a check.
Like all other home loans,
there are variances in terms, interest rates and the like. Contact us for details on the home equity loans that work for you.
With interest rates
falling considerably this year, this can be an excellent opportunity
to restructure your payments, get a better rate than most credit cards
and personal loans and work on the process of reducing your debt
load. Home Equity Loans can be used for paying off other higher interest debt, renovations on your home, or virtually anything else you might want to use them for.
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