Your Home Equity Credit Lines by:Troy Francis
Do you need to borrow money? Home equity lines may be one source of credit
. Home equity credit lines may provide you with large amounts of cash at a low interest rate and they may provide you with certain tax advantages with other loans.Home equity lines of credit require you to use your home as collateral for the loan. This may put your home at risk if you are late or cannot make your monthly payments. Those loans with a large final (balloon) payment may lead you to borrow more money to pay off this credit line, or they may put your home in jeopardy if you cannot qualify for other refinancing. If you sell your home, most plans require you to pay off your credit line at the time of closing. In addition, because home equity loans give you relatively easy access to cash, you might find you borrow money more often.
Remember too, there are other ways to borrow money from a lender. For example, you may want to explore second mortgage installment loans. Although these plans also place an additional mortgage on your home, second mortgage money usually is loaned in a lump sum, rather than in a series of advances made available by writing checks on debts. Also, second mortgages usually have fixed interest rates and fixed payment amounts.
You also may want to explore borrowing from credit lines that do not use your home as collateral. These credit lines may be a better option for you and your situation. These are available with your credit cards or with unsecured credit lines that let you write checks as you need the money. In addition, you may want to ask about loans for specific items, such as tuition, cars, and those nasty credit cards. Either way, home equity lines can be useful if done the right way. http://www.centurymortgages.org
About the author
Copyright Troy Francis. Troy is a writer and real estate broker for Century Mortgages. Please feel free to republish this article. We only ask that you leave the link active. You many see more articles like this by going to: http://www.CenturyMortgages.org. Beyond Budgeting: A New Approach to Annual Budgets by:Mark Ritsema Make 2006 Your Best Year Ever! by:Kelley Robertson Concerned You Will Not Retire In Comfort? by:Joshua Geary Easily-Missed Tax Deductions that Every Realtor and Entrepreneur Should Know by:Chris Bird Credit Counselling about Debt Reduction by:Adam Gilbert Australian Mortgage Sites - Make the Right Choice by:Naomi Warne Mortgage Refinancing by:Jennifer Hershey Bad Credit Personal Loan - A Changed Attitude Of Lenders Towards Bad Credit by:Amanda Thompson A small Small Business summary by:Ryan Fyfe Sales Territory Management - How to Prioritize Your Activities to Produce Maximum Results by:Alan Rigg Are You Playing Checkers or Chess As A Leader? by:Kreg Enderson Brand Naming --- Art, Skill, and Luck! by:Karen Post Determining the Necessity of a Business Loan for Women by:Rebecca Game