Have Questions?

My status

Go Mobile !

Search The MLS On your Cell Phone

My Account

 Log in to see your favorite Listings

Feature Searches


Popular Communities


Recent Blog Posts

Tips On Home Equity Loans
What are one of the most applied for forms of credit in the country? Home equity loans. Home renovations, room upgrading, even vacations are funded...

16975 Views - Add Comment - Posted 2/15 1:36pm

What Is A Mortgage Broker?
Have you been browsing the Central Florida real estate listings? Are you interested in buying a home in the Orlando area, but unsure of the steps nece...

11211 Views - Add Comment - Posted 2/9 4:37pm

Sell Your Home Fast! Three Tips To Help You Close Quickly
Sometimes the unexpected happens, and people are put into a situation where they have to sell their home... and fast! To tackle this daunting task in ...

21117 Views - Add Comment - Posted 2/4 3:47pm

Reducing Closing Costs On Your Next Home Purchase
The anticipation surrounding moving into your home can only be dampened by one thing: closing costs. Closing costs must be paid to your lender before ...

13253 Views - Add Comment - Posted 2/1 9:39am


Tips on Home Equity Loans

Monday, February 15, 2010 at 1:36pm

What are one of the most applied for forms of credit in the country? Home equity loans.

Home renovations, room upgrading, even vacations are funded with home equity loans. If a homeowner has a significant amount of equity their home, this is one type of loan that may be for them.

As home equity loans do not pose a risk to banks, they are easy to become approved for. However, homeowners need to understand that if they fail to meet their payments, their equity (which is their home) is on the line.
Roadhouse Realty came up with some tips about the benefits and risks of home equity loans.

Make sure you educate yourself on the differences between a home equity loan and line of credit. Each with have varied repayment plans and interest rates. Basically, home equity loans provide a set amount of financing, and you must repay these funds - with interest - on a regular schedule. A home equity line of credit gives you the ability to draw funds leveraging the amount of equity in your home. You repay on the interest on charges that accrue on the amount of cash you spend.

Shopping around for the most competitive interest rates and fees is very important. Your rate is usually always indicative of your credit score, so if you have a high score, your rate will be good.

Inquire about any and all fees that you are asked to pay. Question their legitimacy too. If you have a good credit score, your fees will remain minimal.

Just because the money is available does not mean that you have to spend it! Many homeowners make the mistake of thinking that with a line of credit, they are not realy borrowing any money, because they only have to pay for the interest. But remember to spend wisely and use the money for the items that you need.

Make sure that you consult a tax professional and find out if your loan is eligible for a tax deduction.
Remember, your home is the loan's collateral. Keep your home in good standing by making timely payments.

Please visit our Foreclosure Page and get the best deal on your next dream home or visit our Communities page and learn about the best areas to live around Central Florida.

Also, lets connect on these great social networks:

Follow Me On TwitterFacebookfeedWatch Our 3-D Toursstumbledeliciousdigg

Leave a Comment

Click here to signup or fill out the information below.