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.
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