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The following article was published in our article directory on December 8, 2012.
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5 Things You Ought to Know About Home Equity Loans

Article Category: Finances

Author Name: Author

Did someone just tell you that home equity loans are much better than mortgage and financing? One of the reasons why most people favor a home equity loan is that they can choose between the close-end, which is similar to mortgage, and the line of credit, which has an adjustable interest rate. Another is that the borrower decides on how to spend the money. One can choose to do a renovation but another can opt to spend it for his or her child's tuition fee. However, there are other things that you should know about a home equity loan.

It's a Secured Loan

The home equity loans usually involve a great amount of money. There is a risk that you won't be able to repay the lender so they need security. In exchange for the money, you will be pledging your home as the collateral. If you don t know what a collateral is, try not to pay or read on the when you can no longer pay part below.

Principal Amount + Interest Rate + A Bunch of Fees

It is best to expect that you will be charged a bunch of fees so, basically, you will not be paying only the principal amount and the interest rate. There is the application fee. There are also withdrawal fees and a lot of other types of fees. It is best that you ask what fees you would have to pay whether you are talking to an agent or directly to the lender.

Economy May Affect the Interest

If you choose a variable interest rate. This is why most people choose the fixed interest rate. They would know how much exactly they need to pay monthly. It helps them avoid to miss payments.

Interest Affects Your Tax Return

In a good way. The home equity loans involve an interest but the amount you paid for it is tax deductible. It may be equivalent to the total equity value of your home as long as it does not exceed $100,000, which is the maximum amount for tax deductible for equity loans.

When You Can No Longer Pay

You may be confident that you can repay the loan today but what if something comes up tomorrow? It is best for you to know the consequences of not paying the loan. When you can no longer pay, you can choose to refinance the loan. That s Plan B. Note that you used your home as the collateral for the loan. If that doesn t work, you will have to face foreclosure, which means you will be selling your home soon.

The home equity loans are usually better than a mortgage loan although there is a big similarity. They are a secured loan and enlist your home as the collateral. You can choose between fixed and variable rate. The economy influences the interest if you choose the latter. Whichever you choose, the interest can be deducted from the tax return. In case, you can no longer pay the lender has the right to take the collateral, which is your home.

Keywords: Mortage Financing, Financing, Home Equity Loans ,Bad Credit Mortgages ,Poor Credit Mortgages, Self Employed Mortgages

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