Tag Archives: heloc

Understanding Home Equity Loans, HELOC

Equity is the difference between the selling price of your home in the current market and the amount that you owe on the mortgage. For example if your house is worth $200,000 and the amounts that you still owe on the mortgage is $50,000, then subtracting one from the other the equity in your house […]

How to Use Home Equity Loans

Home equity loans are good options for homeowners who want to borrow relatively smaller amount than what the equity in the property’s worth and maybe do not need the money all at one. One such purpose is for remodeling. For example if you have built in equity of  $150,000 in your house and you only […]

Different variations of a HELOC

As with other mortgage loans a HELOC comes with several variations. You can choose a fixed rate mortgage or go with an adjustable-rate loan. You can choose to withdraw your money in one go or withdraw from an ATM card as you need it. You can write checks on a line of credit or make […]

Can You Get 100% HELOC?

Getting 100% Home Equity Loan As mentioned before it is usually the norm that home equity loans are made out of 75% or 80% of the property’s fair market value on the 1st mortgage after subtracting the balance owed. The lenders calculate the risk of the property by dividing the property’s appraised value by the […]

Income Tax Limitations of a HELOC

Not all kind of interest that you accrue on any debt is tax deductible. For example, the interest that is charged on student loans, credit card debt and even car loans is classified as consumer interest and is not tax-deductible. However, mortgage interest is as you already know deductible from the state and federal income […]

HELOC – Are You Taking on This Debt Burden for the Right Reasons?

Most of the people take out 100% line of credit on their homes to consolidate other high-interest debt. However, it is the sad and yet true fact that people who do not address any problems that they have with handling credit at the root and look for the quick solution of consolidating the debt by […]