| Statistics |
Total online: 1 Guests: 1 Users: 0 |
|
Main » 2013 » November » 22 » Things www.charlotteolympiaweb.com You Need To Know About Home Equity
5:59 AM Things www.charlotteolympiaweb.com You Need To Know About Home Equity |
| Things You Need To Know About Home Equity Taking advantage of existing equity in
your home through an equity loan might seem an intelligent choice, especially in
times of low interest rates. However, before you take a home equity loan to pay
for children's education, buy a car or just pay off credit cards, you should
educate yourself about the risks associated with this type of finance, and
whether it can work for youIn essence, a home equity loan uses the current
equity you have in your home as collateral for a second mortgage. The more
equity you have, the more you can borrow Charlotte Olympia
Thanksgiving. As with all finance provided against security such as
property, if you do not maintain your payments, you run the risk of foreclosure
on your home. This fact comes as sobering news for many, so you must consider
your ability to repay the loan before you borrow against the equity in your home
huanghaiyan701 More information please visit: www.charlotteolympiaweb.com.Many
people like the sound of this type of loan, but neither understand the concept
of existing equity, or know if they actually have any in their home. Equity is
how much of your initial home loan you have actually paid back. A rule of thumb
to determine how much equity you might have, take your home's current value and
subtract it from the outstanding loan amount Charlotte Olympia Black
Friday. The remainder is your equity, and amongst other things will be used
to determine how much you can afford to borrow. For example, if your home is
currently worth $400,000 and you have $280,000 outstanding on your mortgage,
your existing equity is $120,000.This information is the starting point for any
home equity loan application. Educating yourself about interest rates, home
equity and the application process in general places you in a better position
should you decide to apply, and negotiating a home equity loan, the more
knowledge you hold at the start of negotiations, the better rate you are likely
to receive
<
|
|
Views: 283 |
Added by: gfg
| Rating: 0.0/0 |
|
|
|
