Home finance considerations and websites to improve your home's value and appearance.
Many consumers consider doing home finance using their home equity to pay for everything from home improvement projects to debt consolidation.
Home equity loans are loans backed by the borrower's equity in their property. Equity is the difference between your home's appraised value and the balance that is owed on your mortgage.
When a homeowner takes out a secured home equity loan, they
promise to repay the lender and sign a contract that makes
their home the collateral for the loan.
If the borrower does not repay the loan as agreed, the lender has the right to foreclose on the home. Generally, loans are repaid with a monthly payment over a fixed term.
Home finance can be a good way to make your home mortgage monthly payment lower and to get cash back through the equity established in your home.
Home refinancing can make your debt more manageable and can free up resources towards the purchase of a home or home improvements. In general, the more your equity, the lower your interest rates from your lender.
When you take out a home equity loan to finance home improvement, depending on how the money is used, you may even be able to deduct some of the interest expenses from your taxes. Check with your tax advisor.
Another form of home finance is a home equity line of credit. A home equity line of credit is different from a home equity loan in that money can be taken out as you need it.
For example, when financing the construction of a new home, a home equity line of credit is often a convenient option to handle expenses as they happen without repeating the loan approval process numerous times.
Home equity loans usually have variable interest rates a few percentage points above the prime rate. This rate will almost always be less than what you would pay on credit card debt.
In combination with possible tax savings, home equity loans can be a cost-effective method of borrowing money. Use the information on yourdreamloghome.com and the websites on this page to learn more about your options for home finance issues.
Home finance and home equity loans books
The 106 Mortgage Secrets All Homebuyers Must Learn--But Lenders Don't Tell (Paperback)
by Gary W. Eldred, Gary W. Eldred
One of America s top real estate authorities explains the inside secrets of the mortgage business Each year, more than ten million American homebuyers, homeowners, and realty investors enter the mortgage arena to finance or refinance their homes and rental properties.
Eldred explains all of your mortgage options and gives you the inside information you need to make the most intelligent money-saving choices.
He simplifies the complicated math of mortgage financing and tells you how to make sure your loan rep is being honest with you. He covers every aspect of the mortgage process and highlights the key criteria you should always consider when making your decision.
10 Steps to Home Ownership : A Workbook for First-Time Buyers (Paperback)
by Ilyce R. Glink
The strength of Glink's (100 Questions for the Homeseller, Random, 1995) book is how it deals with the emotional aspects of buying a home.
It covers ten important items in the process, among them the decision to rent or to buy, how much house you can afford, acquiring money for a down payment, and building credit.
The book is full of worksheets and checklists that help make home-buying decisions easier. Appendixes include loan amortization tables, a list of the five financial and emotional mistakes home buyers make, and a glossary of commonly used real estate terms.
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