If you’ve paid a significant amount of your loan’s balance down, you may have some decent home equity. Even if you’ve only paid on your loan for a little while, but your home appreciated, you may have more equity than you thought. Should you use the equity? If so, what’s the best use for it?Compare Offers from Several Mortgage Lenders.Keep reading to find out the top … [Read more...] about The Top 5 Ways to Use Home Equity
Title insurance protects the lender and yourself from any future issues with the title. Before you close on your loan, the title company performs a title search. This search determines that there are no liens on the property. It looks at the chain of title and the subsequent releases. In other words, it makes sure that no one can stake a claim on the property before you buy … [Read more...] about Do You Need Title Insurance for a HELOC?
You have equity in your home, but did you know you might not be able to touch it? Just because you own a part of the property, doesn’t mean you can get the cash. Lenders have specific requirements before they will let you tap into the equity. The strictest requirement is usually that you have at least 20% equity in the home. Lenders focus on this 20% requirement much more than … [Read more...] about How Does Seasoning Affect Your HELOC Eligibility?
You probably know of the tax benefits you receive from your first mortgage. The interest is tax deductible. This means you owe less tax. What if you have a HELOC, though? Are those interest payments tax deductible? We explain the benefits here.Get Matched with a Lender, Click Here. How do you Use the Proceeds? The first question you must ask yourself is how you used the … [Read more...] about Are HELOC Interest Payments Tax Deductible?
Before the housing crisis, it wasn’t unusual to see home equity loans for as much as 100% of the home’s value. Today, though, restrictions are much tighter. You are more likely to be able to borrow up to 80% or 85% of a home’s value if you are lucky.Looking for Current Mortgage Interest Rates? Click Here. What Determines How Much You Can Borrow? How much you are able to … [Read more...] about How Much Can You Borrow on a Home Equity Loan?