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A large number of homeowners tap into their home''s equity to pay towards expenses ranging from medical bills Cheap Dexter Fowler Jersey , college fees to home improvements and low-risk investments. A home equity line of credit or HELOC is commonly taken out by homeowners who seek a financial helping hand for anticipated expenses in the near future and financial emergencies. As with every secured loan, you risk losing your asset (in this case your home) if you fail to repay your HELOC. Borrowing against the most important asset you own, your home, is a decision that needs careful assessment. Here are some things you should remember when you go for such a line of credit.

Understanding how a home equity line of credit works

A HELOC is an open-ended Cheap Andrew Miller Jersey , revolving credit line that you can draw from whenever you need cash. It works like a credit card except that unlike a HELOC, your credit card is not secured against your home. The interest rate on a HELOC is lower compared to that on a credit card and amount you draw from it is much greater. The interest payments on such a credit line are also tax-deductible. At the same time, there are costs, fees associated with setting up the HELOC.

The draw period is typically ten years with a repayment term of fifteen years. In some cases Cheap Matt Carpenter Jersey , you may have to repay the whole debt or go for a refinancing upon completion of the draw period.

You can very easily access credit with a HELOC, with the lender sending you a cardcheckbook or allowing online payments, all of which is fine as long as you don''t keep piling up the debt. Make sure you assess your entire debt burden before opting for the credit line.

Margin and fees

The interest rate on an adjustable rate HELOC depends on the prime rate, minus or plus a specific margin. Factors affecting the margin include your FICO score Cheap Yadier Molina Jersey , the current prime rate, your mortgage debt and home value. Before committing to a particular lender, make sure you compare margins and terms offered by different lenders. Some lenders offer a lower fixed introductory interest rate for the first few months- check the margin the lender offers you after expiration of this introductory offer period.

Other factors to keep in mind include lender fee, appraisal fee Cheap Willie McGee Jersey , annual maintenance fee and fee to keep the credit line open. Also check if there is a penalty fee for early cancellation.

Credit limit

The amount the lender makes available to you is tied to your home equity (which is the amount you get when you subtract the owed mortgage debt from the present market value of your home). The amount can also be a percentage (75%-80%) of your home''s present appraised value.

Before you tap into your home equity, see if you can make use of cheaper, less risky sources of credit such as low-interest short-term loans from credit unions that you can repay more easily. Also ensure that you compare different lenders before opting for a home equity line of credit. Mileage quest sets New Maruti Swift rolling
Posted On : Aug-19-2011 | seen (148) times | Article Word Count : 438 |
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