If you
have a mortgage loan on your property
and the amount outstanding on the loan
is less than your home’s price in
today’s market then you may be able to
raise extra money with a Home Equity
Line of Credit. Many people are in a
position to take advantage of this type
of arrangement. If over time you have
been steadily paying back your loan and
at the same time the price of your house
has been increasing then you will have
opened up a gap between what you have
left to repay on your loan and the
amount you could raise on the value of
your house.
This
type of home equity loan works by
offering you a line of credit of up to
100% of the “equity” (the difference
between your house’s value and the
amount you still have to repay on your
loan) in your property. Unlike the
usual home equity loan you do not need
to take a lump sum all at once. Instead
you can use as much or as little of the
credit line when it suits you, using a
check or credit card and you only pay
interest on the amount you are
borrowing. This is a very flexible way
of borrowing and means you have money
ready and waiting for home improvements,
buying a new car, or putting the kids
through college.
An
equity line of credit usually has a
variable interest rate and the interest
may be tax-deductible, although you
should check this out with your advisor.
n.
Our Featured Equity Line of Credit Partners:
Full Spectrum Lending helps homeowners - even those
with less-than-perfect credit – access their home’s equity to get cash,
consolidate debts, and lower monthly expenses. We can also help applicants
who are self-employed or have high consumer debt.
In fact, we’re proud to say that 4 out of 5 Full Spectrum Lending
applicants are approved for a loan! We offer competitively priced home loan
programs, including fixed rate, adjustable rate, refinance and home equity
loans.
Let the best lenders battle for your business right now. At GuidetoLenders.com, you’ll get competitive loan quotes from up to four lenders, so you can take advantage of today’s interest rates while they’re still low. Refinance, improve your home, take a vacation or pay for your child’s college education. Consolidate all of your bills into one and cut your debt with a Debt Consolidation loan. No need to worry about your credit—all credit types are OK.
Countrywide Home Loans helps homeowners - even those
with less-than-perfect credit – access their home’s equity to get cash,
consolidate debts, and lower monthly expenses. We can also help applicants
who are self-employed or have high consumer debt.
In fact, we’re proud to say that 4 out of 5 Countrywide Home Loans
applicants are approved for a loan! We offer competitively priced home loan
programs, including fixed rate, adjustable rate, refinance and home equity
loans.
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