|
|
|
What looks like a great deal, but could turn out to be the most devastating financial decision of your life?
It's when you consolidate credit-card debt by taking out home-equity loans for more than the value of your house, sometimes for up to 125% of the home's value....
|
|
|
|
|
Here's how to know if you're getting a good deal:
Compare the rates. The rate you'll be offered on a loan or line of credit depends heavily on your credit score -- perhaps too much, according to one banking regulator. Julie Williams, acting head of the U.S. Comptroller of...
|
|
|
|
|
If you are thinking about a home equity line of credit you also might want to consider a more traditional second mortgage loan, also referred to as a home equity loan. This type of loan provides you with a fixed amount of money repayable over a fixed period. Usually the...
|
|
|
|
|
Once you've decided which option is best for you-a home equity loan or a home equity line-you'll need to determine how much you can borrow.
Depending on your creditworthiness (your income, credit rating, etc.) and the amount of your outstanding debt, home equity lenders...
|
|
|
|
|
Yes. Mortgage lenders offer several solutions to borrow funds against your existing property value.
Home Equity Line of Credit: If you want a reserve of funds you can draw on in the future, choose our Home Equity Line of Credit. You'll have the credit you need when the...
|
|
|
|
|
When can a good deal become too good a deal? When it comes to home equity loans, caution some financial planners.
Taking out a loan against the equity in your home is a commonly recommended strategy for paying off accumulated high-interest credit card debt or to pay for...
|
|
|
