Home Equity Lines of Credit
More and more lenders are offering home equity lines of credit. By using the equity in your home, you may qualify for a sizable amount of credit, available for use when and how you please, at an interest rate that is relatively low. Furthermore, under the tax law--depending on your specific situation--you may be allowed to deduct the interest because the debt is secured by your home.
If you are in the market for credit, a home equity plan may be right for you. Or perhaps another form of credit would be better. Before making a decision, you should weigh carefully the costs of a home equity line against the benefits. Shop for the credit terms that best meet your borrowing needs without posing undue financial risk. And remember, failure to repay the amounts you've borrowed, plus interest, could mean the loss of your home.
Introduction to Home Equity Line of Credit
What is a home equity line?
What should you look for?
How will you repay your home equity plan?
Lines of credit vs. traditional second mortgage loans
Disclosures from lenders
Home Equity Line of Credit Definitions
Information provided in Home Equity Lines of Credit section is adapted from a free consumer guide "When Your Home Is On the Line: What You Should Know About Home Equity Lines of Credit" to review and order a free copy of this guide click Here!.
Home Equity Line of Credit Resources
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