Archive for February, 2010

Home Equity Loan or Line of Credit: Which Is Best for Me?

Thursday, February 4th, 2010

Large, unexpected expenses like procedures not covered by medical insurance or home repairs can leave consumers in a cash crunch. But if you are a homeowner and  have equity in your home, a home equity loan may be just the trick to help you get back on your feet.  But when you talk to a home equity lender, you’ll learn that there are really two types of equity loans: a home equity loan and a home equity line of credit. (more…)

Be Smart When Tapping into Your Home’s Equity

Tuesday, February 2nd, 2010

If you own your home and are in need of some extra cash, why not consider a home equity loan? If you have equity in your home, difference between your home’s appraised value and any outstanding mortgage debt, a home equity lender will grant you a loan using this equity as collateral. While you can use this money for anything you wish, most homeowners use their equity loans for new car purchases, home remodeling projects, etc – large one-time expenses. (more…)

Home Equity Line of Credit As an Emergency Fund

Tuesday, February 2nd, 2010

Just about any financial planner would recommend that a person keep some money stashed for emergency expenses.  Otherwise, how else would you pay for a large, unexpected expense such as a leaky roof, a totaled car, job loss, etc.?  If you have money set aside, you don’t have to be stressed out at the time of need. (more…)