Home Equity

Why Should You Have a Home Equity Line of Credit?

Wednesday, September 7th, 2011
Why Should You Have a Home Equity Line of CreditFor homeowners, tapping into their home equity has long been a popular way to get the money they need. Proceeds from home equity loans are often used to consolidate bills, make repairs, take care of emergency expenses or help pay for a child’s college education. The only catch is that the loan is secured by your home, so if you fail to repay it, the bank can foreclose. But many homeowners do not realize that there’s another option for accessing their equity: the home equity line of credit, or HELOC for short. A HELOC offers all of the benefits of...

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Are Home Equity Loans a Bad Idea?

Monday, November 1st, 2010
Are Home Equity Loans a Bad IdeaMany believe that a major cause of the recent financial downturn in the economy was an overheated and overextended housing market. In many parts of the country, housing prices increased significantly over the course of just a few years, only to experience a significant decrease in value even more quickly. Many homeowners were caught off-guard by these price changes. Some homeowners were hit doubly hard by the downturn, because they had taken out large home equity loans or home equity lines of credit when the market values of their homes were at or near their peak....

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