PR Log - Advantages of Getting a

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                                Advantages of Getting a Home Equity Line of Credit

       By Refinanceitt
       Dated: Jun 02, 2010

       A lot of individuals that are currently dealing with the tarnished economic climate may be feeling a bit
       uneasy with today's rising interest rates.

       One option that is currently available to many HELOC borrowers is to refinance their home for a larger
       amount than their current mortgage, and using this additional borrowed finances to repay the HELOC
       lender. By utilizing a fixed rate refinancing mortgage, you basically result in turning your HELOC interest
       rates into a fixed rate mortgage loan. This is a great solution for people that should be refinancing their
       home anyway, such as a homeowner whose home equity loan interest rate is higher than the current rates
       seen in the market.

        The advantages of getting yourself a home equity line of credit:

        • You only end up having to pay interest on the portion of the home equity line of credit that you have
       actually gone and used. Many homeowners will take this approach when they borrow to do home
       improvements as an example.

        • Instead of having to take out the whole $100,000 up front for improvements and being charged interest
       right away from the start, many homeowners will only pay for improvements as they are finished.

        • Most financial lenders will provide simple ways for homeowners to be able to use their home equity loan
       credit. Most of them will simply provide a set of checks that can be utilized just like the checks that are
       attached to your checking account. These days, many financial lenders will also provide a debit card so
       their borrowers have easy access to the funds.

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        • Other homeowners use a home equity loan when they need to purchase an expensive thing such as a
       vehicle or if they have to cover some type of an emergency. This provides individuals with the flexibility
       and ease of access that credit cards can offer, but at a much lower interest rate because the borrowing
       against the equity of their home.

        • The value in a property will also build up in two different particular ways given enough time. The first
       way is when the balance of any kind of home equity loan is reduced through timely payments. The second
       way is through the further appreciation of property values which can be quite a bit over the course of many

        In addition to the lower interest rates and the ease in which financial lenders are able to provide for these
       equity loan arrangements, the interest paid on these types of loans are also tax deductible. This can enable
       you to get even more savings and is one of the major reasons why a lot of homeowners exclusively use their
       home equity line of credit for any additional financing needs that they may end up having.

        For More Info. Visit >>


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PR Log - Global Press Release Distribution

At RITT we are committed to helping you, our valued customer find solutions for managing your debt
effectively during these interesting economic times. Visit refinance your
mortgage, auto refinancing and loan modification.

Category           Mortgage, Loans, Finance
Tags               home equity line of credit, home equity loan, heloc lender, heloc interest rates
Email              Click to email author
Country            United States

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Tags: line, credit