30.9.09

Money from your house: the Home Equity Loan or Line of Credit

Do you own a house? If so, you already have realized the Greatest American Dream, which many
of us continue to work hard to have. Additionally, because you already have a house, you already
have easy access to money through Home Equity Loan or Home Equity Line Credit.

It is thus easier for you to acquire funds for myriad of reasons. Lenders can provide you a credit
of up to 75% of your total equity.

Funding children's college education or renovations for your house or even for purposes of
paying off the entire balance of your primary mortgage may be available through home equity
loan or line of credit.

You may even opt to consolidate your debt, like your credit cards and other unsecured credits
with the options available in a home equity loan or line of credit.

This facility is getting to be very popular nowadays because of the convenience of owing only one
institution and the added advantage of lower interest rates. In addition, interests in consumer
loans like your home equity loan or line of credit is tax deductible.

The facility of acquiring loan through home equity loan or line of credit is flexible in various
payments terms depending on the institution that is providing you with the loan.

All of these flexibility and advantages of acquiring a home equity loan and line of credit
notwithstanding needs some intelligent decision-making. This is because even with the numerous
advantages available in a home equity loan or line of credit, the only one and most important
factor to consider is the fact that you put your house as collateral.

Consequently, failing to pay your debt may cause you to loose the most precious asset you have,
your home.

For this reason, before you embark on the convenient way of acquiring a loan through home
equity loan or line of credit, you may need to consider if you really need this facility.

There may be other loan facilities available where you can choose from, thus you may not need
to put your house as collateral. However, admittedly considering taxes and interest rates may
lead you back to home equity loan or line of credit. In this case, you may need to seek additional
advice.

I have been mentioning home equity loan or line of credit. This is because the two differ in one
most significant factor. Home equity loan is a facility where you get the proceeds of your loan
lump sum. On the other hand, home equity line of credit is a facility where you have a credit line,
just like in a credit card, where you may opt to get funds only when you need it.

However, in a home equity loan, you pay equal installments throughout the duration of the paying
period and you pay part interest and part principal loan. In the case of home equity line of credit,
the interest rates are variable and you may choose to pay interest only.

The negative side of this is that you need to pay a balloon payment at the end of the term, which
may be hard for you if you are not ready to pay such a huge amount. You may end up taking
another loan, which will put you at a disadvantageous position later on.

Finally, financial experts recommend that before you embark on acquiring a home equity loan or
line of credit, you may need to do your homework by shopping around for the best terms,
payment options, and conditions where the lender may consider you in default. Analyzing your
needs may be an additional advantage for you to make the intelligent decision.

For additional information and advice, you may refer to various financial management websites
before you decide if home equity loan or line of credit is good for you. You may find other loan
facilities that will not be as risky, but understanding what you need and how you need it may be
necessary.

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