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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.

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