How home equity works - buying a home can be your best investment... When delving into the world of real estate and investment property, there are many terms that will come up that require further explanation. Whether you've never heard the phrase 'home equity' before or you have a little familiarity, here are the ins and out of what it means and how this asset can help your financial outlook. All About Home Equity Essentially, home equity refers to your portion of the value of your home. The dollar amount of this figure is important because it is included among your assets when determining your net worth. If this sounds confusing, think of it this way: if you have completely paid off the cost of your home, the value of your home equity is this total amount. Of course, because most people seek a lender to borrow money from when they purchase a home, their home equity would consist of their down payment and whatever amount they've paid down on the mortgage since … [Read more...]
Home Equity Line of Credit (HELOC)
What to Do if Your Lender Cuts Off Your HELOC Read A home equity line of credit lets you borrow money as you need it can be a great way to pay for a remodeling project or an education — unless the lender cuts off your line in the middle of a home improvement or when your kid is only halfway through college. When a Lender Can Close Your Credit Line Although you may have paid hundreds of dollars in fees to open your home equity line, chances are the fine print says the bank doesn’t need your permission to freeze, reduce, or shut down your line if: Read more: http://www.houselogic.com/home-advice/equity-loans/home-equity-line-of-credit-shut-down/#ixzz2ZQWu4U3O Read more: http://www.houselogic.com/home-advice/equity-loans/home-equity-line-of-credit-shut-down/#ixzz2ZQTmEelM Visit houselogic.com for more articles like this. Copyright 2013 NATIONAL ASSOCIATION OF REALTORS® … [Read more...]
