How To Get A Home Equity Loan Without Losing Your Shirt
Who Should Get A Home Equity Loan?
In most cases, not nearly as many people should get one as are currently applying for it. Oftentimes, it simply is the result of people who want something – and they want it now. A wise use of your home’s equity, though, is to leave it right where it is – building up even more equity that come will come in real handy when you sell it.
A home equity loan, however, is really a loan taken out against your own home. This means that your home itself is the instrument that secures the loan. Your house has now become the guarantee that you will keep on paying your loan. Stopping payments for any reason – you lose it.
What Is A Home Equity Loan?
A home equity loan is typically a second mortgage. As such, it has a higher interest rate than a first mortgage, and a shorter time period to pay it back – up to 15 years.
What Are The Advantages?
A home equity loan can be used for any purpose. It has the best value, though, when used for renovations or improvements on your home. Besides adding to the value of your home...
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