When you take out a home equity line of credit, you're offering your house as collateral to secure another loan. The upside: You can gain access to up to 80% of your home's value, minus your current mortgage balance and adjusted based on your creditworthiness.The downside? If you can't make your payments, you could lose where you live. Because the stakes are high, you want to make sure you use a HELOC for the right reasons. Here are a few. [More]
It's true that saving money is important. However, sometimes you need to spend a little in order to not lose a lot. You know what I mean? No? Okay. Let me explain.
As you consider whether to hire professionals to handle your next home improvement project or do it yourself, there are some things to keep in mind.
How much is time worth? Often times, doing things yourself slows down the process. This could be fine, IF you’re not working on a time sensitive improvement like a new roof (you&rs... [More]
If you have equity in your home, now could be the time to use it to your advantage in the form of a home equity loan or home equity line of credit. These loans tend to come with low interest rates and can provide several tax advantages—benefits that credit cards do not provide.
Whether you are looking to renovate or repair your home, consolidate debt or pay for another major expense, taking out a loan against your equity can prove to be a savvy financial decision.
Differences between a hom... [More]