Sunday, June 25, 2006

Home Equity Line of Credit

Equity can be defined as the difference between your house’s current market value and how much you owe on it. As an example, if your home’s current market value is $200,000 and your outstanding mortgage balance is $150,000, you have $50,000 of home equity. However, the only way you are going to really see that money is if you can extract the value out of your property. You can do that by either selling your home or by refinancing your mortgage.

A second mortgage, also known as a home equity loan, or a home equity line of credit (HELOC) is a convenient financial tool for homeowners who need to get there hands on a sizable amount of cash for any reason. Loans can be taken out in any amount within the HELOC limit which makes it possible to get the money needed without breaking the bank, or if necessary, liquidating the entire equity value for more “expensive” reasons.

Another benefit offered by HELOC’s is the convenience of flexibility when setting up your loan program. As with your purchasing mortgage, you can choose from fixed or adjustable rate mortgages. You can receive your money in one lump some or establish a secured line of credit. It’s your money and it’s completely up to you.

Many homeowners, just like you, are jumping in on today’s all-time-low interest rates and cashing in on the equity value they have earned through personally customized home equity loan programs. Whether you need to pay off those medical bills and credit cards, reinvest your money into improving your home, or you just want to take that family vacation you’ve been dreaming about, a home equity line of credit is the flexible financial tool that you’ve been looking for.

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