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Home Equity Loan Or Line Of Credit


 

 



 

 



Depending on your qualifications a home equity loan can be a cost effective way to convert the equity in their home into cash. HELOC (home equity line of credit) is tax deductible. That means you can pay off all revolving accounts, car loans, and other consumer loans through your home equity line and save money two ways. With lower interest rate and the fact that the funds used are tax deductible.

HELOC is a line of credit on the equity of your house. Money can be drawn money from this account as often as needed up to the credit limit and paid back just as often. The interest is paid only on the balance you owe. 


The rate is adjustable and is the combination of an index such as the Prime rate index plus a fixed margin. Determining your monthly payment takes into account the loan balance, the Index, and the fixed margin. You can draw money and pay it back only during the first 5 to 10 years. At the end of the period your loan balance will be amortized for 10 years with an adjusted monthly payment (some lenders amortize it over 15 years).


What is the difference between a 2nd mortgage and a HELOC?
The terminology differs depending on whether you want a fixed second mortgage or an adjustable rate mortgage. Both of these are second liens on the property. 

A fixed second mortgage offers a fixed rate for a fixed time period for a set amount of money, such as a 15-year term. A HELOC is an adjustable rate second mortgage that provides a line of credit for a set amount that allows you the flexibility of borrowing different increments of money at different times.

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Rate Are Low. Is Now A Good Time To Refinance?    

A.
When interest rates fall, a homeowner should definitely call a lender about refinancing, but he or she should discuss their entire financial situation and goals before making any final decision. 

Is your goal to lower your monthly payment? Consolidate debts? Get cash out for large purchases? Change your interest deduction expense for your taxes? 

After Applying for a refinance quote ask the lender offering best rates to provide a couple of refinancing scenarios for you, showing how your loan term length, monthly payment and your total interest expense on the loan will change. 

After looking at these scenarios, it will be clear whether or not you should refinance.

 

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