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Home Equity Loans: A Useful Financial Tool


The investment need of an individual varies with time. Thus the need to buy a car or invest in a new house, which may have seemed "beyond means" a few years ago, may be a relevant and wise decision today. However, taking a consumer loan at existing rates may add to the existing debt burden of the individual. This is where home equity loans can be of help.

A home equity loan can be a very useful financial tool in the hands of the borrower, particularly if the avenue where the borrower would invest the loan amount would otherwise have to be financed at higher lending rates.

Thus the borrower can get access to cheaper loans, which can be used to finance secondary requirements like buying a car or modifying/renovating his/her existing home, repaying existing debt, medical costs, etc.

Home equity loans have other advantages too:

Tax deductions: The interest payable on the secured equity loan is deductible up to a maximum of $100,000 or the equity value in your home, whichever is less. Thus besides access to lower rates of interest, the equity loan also gives the borrower tax benefits.

Lower interest rates: As discussed earlier, a home equity loan can give access to loans at a lower rate than other means of debt like credit card debt or consumer loans. This can amount to a considerable savings on interest payments. Hence these loans can be used to retire old high-cost debt and help in the consolidation of debt.

Ease of qualification: As compared to other loans, it is easier to qualify for a home equity loan. This is because the loan is disbursed against the equity of your existing home. This results in a faster and relatively hassle-free disbursement of loans.

Flexibility of payment: The borrower can use the loan as and when required and may also be able to decide when the principal repayment should be done. This proves to a useful tool in the case of money management, particularly in the case of emergencies.

Home equity loans, if used wisely, can improve the financial standing of an individual as they provide easy and relatively cheap access to money.

Home Equity Loans - Rates, in depth articles and professional second mortgage advice. Find the lowest home equity loans rates and lenders.


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CNBC

Mortgage refinance applications hit 18-year low
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Weekly mortgage applications drop 3.2%, hit by tanking stocks and rising rates
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The Mortgage Reports (blog)

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Preparation is vital prior to applying for a mortgage refinance. You have to do the math and figure out if it makes financial sense. Plus, you need to learn the facts and shop around. Getting your paperwork in order is crucial, too. Tackling these and ...



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Cheddar

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ETF Trends

Mortgage Applications Dropped by Rising Rates and Stock Declines
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How Credible works
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National Mortgage News

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The number of mortgage borrowers for whom it made sense to refinance declined by nearly half since the end of last year and is at its lowest since November 2008. Approximately 2.3 million mortgagors are candidates for a refinance, a decline of 2 ...


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