Home Equity Loans
Own a Home? You Might be Eligible for a Home Equity
If you own a home, over a period of time you will accumulate equity on your property. This equity can be used collateral in exchange for a loan. If you apply for a home equity loan, your property’s equity serves as security against the loan, allowing you to bargain for a lower interest rate and save thousands of dollars in interest.
Compare and apply for either a home equity loan or a home equity line of credit
You can either apply for a revolving line of credit (home equity line of credit) or a one-time lump sum loan using your home equity as collateral. Loans.net allows you to compare and apply for either of the two. Simply fill out one simple application and you can compare loan terms provided by multiple lenders . all on one site: Loans.net.
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What you can do with the home money equity once you get it?
Depending on how much equity is available, a loan could get up to tens of thousands of dollars. What you want to do with the amount is up to you. You can either use it for debt consolidation, a major home repair, an emergency medical bill, education, a new vehicle purchase, or whatever you deem fit. A caveat, though, be sure to read the fine print of your lender’s terms so you will have a better idea about terms and conditions associated with the loan.
Gain tax advantage
Under certain conditions, a home equity loan may allow you to gain some tax advantages. As always, it is advisable to seek the counsel of a qualified tax professional to ensure you are eligible to claim these benefits.
Home Equity Loan Tips
Is it right for you? Not all financial needs merit a home equity loan. If you are planning to use the money for entertainment as opposed to a medical emergency, it may not be a good idea to put your house on line. But, if you are planning to use the funds to renovate your house and improve its value, then a home equity loan may merit consideration. The primary reason to investigate before applying for a loan is that you could be putting your hard-earned property on line, so it is always very important to consider the viability of the decision first.
Compare quotes By simply filling out our online form, you will start receiving offers from our network of reputable lenders. In order to find the best available terms and rates, we recommend you compare multiple offers before settling on a lender.
Save on your loan Did you know that if your credit standing is in optimal shape, you may be able to save money and obtain a better deal? It might be an excellent idea to ensure your credit is in good shape before considering applying for a home equity loan.
Exercise discretion A home equity loan can often be a source of emergency funding so be sure to exercise discretion and use this resource only when the situation so merits.
- Be sure to read the fine print to ensure you are not signing up for something you wouldn’t want to. You wouldn’t want to jeopardize your home ownership by signing off on something you don’t understand.
- The Federal Trade Commission (FTC) offers some useful tips for home equity loans.
- Maintain detailed records of what you have paid, including statements and canceled checks.
- If you need clarification on any terms, don’t hesitate to contact Loans.net or any of the lenders directly.