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How to Be Free With Your Own Home Business
By Margaret Dorsey
The smallest unit of society apart from an individual is a family, and a family lives in a home. Home sweet home is a place where people like to come after fulfilling their professional obligations Read more...
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Resources
7 Things Some People Don’t Want You to Know About Work At Home Property Scouts
By Tony Seruga, Yolanda Seruga, and Yolanda Bishop
For their own ulterior motives, there are always certain people who would have you believe that a work at home idea is not what it’s purported to be. These nay-sayers are no Read more...
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In-Home Theaters
By Alexis Hunter
Homes in the luxury market are not just homes, they are showcases. They are showcases for gourmet kitchen, marble floors, designer pools with specialty concrete and even tennis courts. For some, Read more...
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You Do Not Need Special Training or Plenty of Time to Start a Home Based Business
By Calvin Heng
Money makes the world go round, literally. With the cost of everything rising considerably every day, such as gas prices, insurance rates, prescription costs, and interest, everyone is looking for a Read more...
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#Welcome to
Home Buyers Boot Camp real estate listings buyers guides - your comprehensive home video resource.
Below, you'll find extensive information
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The difference between home equity loan and home line of credit.
By Stefano Sandano
Once you have built up equity in your home, you have the privilege of applying for a equity line of credit, which allows you to borrow the money you need.
Most financial insititutions ( banks, savings and loans ) have entered the equity market, so you have plenty of options when you shop for the best loan.
In effect, a equity loan is a second mortgage on your home. You usually get a line of credit up to 70 percent or 80 percent of the appraised value of your home, minus whatever you still owe on your first mortgage.
For example, if your is worth $100,000 and you owe $20,000 on your mortgage, you might receive a equity line of credit for $60,000 because your lender would subtract your $20,000 owed on the first mortgage from your $80,000 worth of equity.
You will qualify for a loan not only on the value of your but also on your creditworthiness. For instance you must prove that you have a regular source of income to repay a equity loan.
The difference between the two kind of credits is easy:
the equity loan has a fixed rate and the equity line of credit has a rate that fluctuate and it's better indicate to consolidate other debts than the credit cards.
The equity line of credit is an " on demand" source of funds that you can access and pay back as needed.
You only pay interest if you carry a balance because these line of credits are essentially a revolving line of credit, like a credit card but with a much lower rate because the line of credit is secured by your home.
Like other mortgages, the equity loan requires you to go through an elaborate process to qualify for an open line of credit. You will usually need a appraisal and must pay legal and application fees and closing costs.
Because a equity loan is backed by your as collateral, it is considered more secure by lenders than unsecured debt, such as credit card debt. Further, because the loans are less risky for banks, you benefit by paying a much lower interest rate than you would on credit cards or most other kinds of loans.
Home equity loans can therefore offer extremely attractive rates when the prime interest rate is low, but subject you to much higher interest costs if the prime shoots up.
You can tap the credit line simply by writing a check, and you can pay back the loan as quickly or as slowly as you like, as long as you meet the minimum payment each month.
Stefano Sandano is a home equity loan expert and you can get more information about home equity loans tips on www.homequity-loan.com
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