Home Equity

Home Equity Lines of Credit - Not Just Another Credit Card

A home equity line of credit (HELOC) and a credit card have many commonalities. Both enable you to draw and payback amounts as you wish while working under a predetermined limit, both have variable rates but taking out a HELOC has its pluses. Because it takes more time to get a HELOC, many choose to go the faster route and get a credit card not realizing the benefits that a HELOC can provide.

Unless your credit is outstanding, a credit card often attaches a very high amount of interest to your balance per month. A HELOC is a great way to get the money you need to use at your disposal without paying an outrageous interest rate. As an added extra the interest that you do pay on the HELOC within each year is deductible when you file your taxes. No credit card can give you that.

The amount of equity you have in your home is also not dependant on your credit score where the limit on your credit card is. This means you usually get a higher amount available to you when you take out the HELOC vs. a standard credit card. So with all the benefits on the table what could be the drawback to taking out a HELOC? Well the fact that the HELOC is secured by your home is a big one to some. Many people don't like to have such a big price to pay if the loan goes into default so they shy away from such a big commitment.

Home equity lines of credit can be a great tool to get the things you need and they can be the added security net for things unexpected. So if you have equity in your home that you want to use take a look at home equity lines of credit.

Go to http://www.homeequitywise.com for more information about the advantages of a HELOC Loan.

Home Equity News:

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Home equity loans drying up for some - Business - Personal finance ...
Like many homeowners during the housing boom, Lynnette Madden and her husband decided to open a home equity line of credit about a year and a half ago as ...
Americans' home equity near a record low - Business - Real estate ...
WASHINGTON ? Falling U.S. home prices have shrunk equity so much that the proportion of their homes that Americans actually own is near its lowest point ...
Home equity lines have dried up across U.S. - Business - Personal ...
Home equity lines have dried up across U.S. As home prices collapse, banks cut off credit, further souring the economy Below:
Late payments for home equity loans rise - Business - Real estate ...
WASHINGTON ? Late payments on home equity loans climbed to a 1½-year high in the opening quarter of this year, while delinquencies on credit card bills ...
Retirees no longer count on home equity - Business - Personal ...
Many Americans have recently found themselves changing retirement plans after losing a substantial amount of home equity as the housing market and the ...
Equity in Americans? homes falls to historic low - Business ...
NEW YORK ? The equity Americans have in their most important asset ? their homes ? has dropped to its lowest level since the end of World War II ...
Students get creative to pay off loans - Business - Personal ...
Lines of credit typically work like a credit card, with a limit and a revolving balance: the average home-equity line of credit currently has an interest rate ...
Use of home equity hits a four-year low - Business - Real estate ...
Use of home equity hits a four-year low Freddie Mac report cites falling residence values, stricter lending standards Below:
Ford, Toyota are pinning their hopes on China - Business - Autos ...
NEW YORK ? Ford Motor Co. plans to build a new assembly plant in China ... $30K home equity loan FICO: 5.75%
Cities sue, invest to stop foreclosures - Business - Real estate ...
These stem from lost tax revenue and jobs as well as slower consumer spending that come with home equity declines, and don?t even include the financial toll ...

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