Home Equity Loan or a Home Equity Line of Credit- by toriola1

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Real estate in the Bahamas. The Real Estate industry is attracting lots or populace towards it and offering huge turnover. People always have a desire in their heart, to own a home and the rise in prices of a house and land is crashing their dreams. Click here to know more

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Home Equity Loan or a Home Equity Line of Credit? By Syd Johnson

Home Equity Loan or a Home Equity Line of Credit? by Syd Johnson

A home equity loan is good for items that require one large payment. This is why so many consumers use it for debt consolidation. The interest rates on home equity loans are low enough to be beat out the prevailing rates on almost every other type of consumer debt. In this era of teaser rates, it is safe to say that no one is safe when it comes to long term debt. Financial institutions are constantly updating their rules to penalize customers based on their behavior even if they have great credit. One late payment or an over-the-limit fee can take you from a 3.9% interest rate to over 19%. It is no wonder that more consumers are willing to use a home equity loan to manage their finances. It is an easy, accessible, low cost option. However, usually, once you get a home equity loan, you must pay off the amount before you bank will consider you for another loan. It is easy to see why this would be the case. A home equity loan decreases your available equity, increases your debt obligation to your lender, and is usually a sign that your monthly bills are getting beyond your control. Once you’ve been approved for your loan, it puts you in a less than ideal position as a potential borrower. Home Equity Line of Credit is revolving so it can cover expenses over and over again. A home equity line of credit functions as a revolving credit line that is always open in case you need fast access to some cash. It operates just like a credit card in the sense that the limit is finite, interest rate is applied only when you have an unpaid balance, and any amount you take out reduces the total remaining balance. If you have a credit line of $30,000 and you use $12,000, then you pay interest on the $12,000 and you have a remaining balance of $18,000 available at any time. Home Equity Line of credit is great for emergencies If you should experience a sudden job loss, an accident, or any other type of emergency where your salary is in jeopardy but you will need a loan, you can still have access to your home equity line of
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credit. It does not require a new loan application and can give you the same great rates as a home equity loan. The interest rate on your credit line will vary based on the amount that you have used and the credit terms established by your lender. So how do you decide which one is better? Take an objective look at your finances. If it looks like you need a one time loan to reduce your debt, then a home equity loan is a good choice. If it looks like your will have periods where you will need more cash that you an get on your credit card, then a home equity line of credit might be your best option.

This article may be freely distributed as long as there's an active link to http://www.rapidlingo.comSyd JohnsonEditor

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No closing home equity loan By Adam Jackson

One new innovative product in the home equity loan market is the “No Closing” home equity loan. These loans are a little different from traditional home equity loans, in the fact that they allow you to draw funds against the equity amount of your home. For example, you may be provided with a credit card or check book. The way to look at them is as a line of credit, you can use the line of credit when ever you need to, and in return for this the banks will charge you a little more interest than a traditional home equity loan. One of the great things about a no closing home equity loan is that you only pay interest on the funds that you have used. So if you never use the line of credit, there is nothing to pay. Should you make a payment, you can decide to pay this back monthly (plus interest) or in one lump sum, similar to a credit card. No closing home equity loans are becoming very popular loan products, mostly because of the flexibility they offer. There’s also the added piece of mind, that should there be an emergency, that cash is available quickly to cover most eventualities. Other popular reasons for a no closing home equity loan are for things that may involve random or unexpected costs such as home improvement projects or a student loan. Both of these activities require different levels of investment at different times, by being able to draw down the exact amount at exactly the time you need it, you will save money over the more traditional way of having all cash up front. Adam Jackson of http://www.besthomeequity.net is a home repair expert striving to bring you the best free home repair and improvement information on the web.

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