Comments on: Home Equity Line of Credit for Home Improvement Projects

By: Jay

Jay — Fri, 05 Mar 2010 18:11:56 +0000

It’s a great time to get a home improvement loan especially with the government tax breaks that are going to be in effect.

By: Reco

Reco — Fri, 29 Jan 2010 01:56:10 +0000

HELOC’s are great tools, if they are viewed as just that. I only use them for investments such as land purchases. I have friends that have used them for everything from bill payments to vacations. In my opinion, that’s not a wise use.

By: Sandra Office Furniture

Sandra Office Furniture — Tue, 29 Sep 2009 10:33:14 +0000

Tiffany that is some great information thank you so much for sharing that, so using HELOC this why its a loan that has to be paid back and this will also help people from over spending.

By: Seattle Architects

Seattle Architects — Sun, 27 Sep 2009 04:06:10 +0000

We’ve found clients are having hard time getting financing these days, so any other available options are always good to know about. But even these days home equity lines are closing up. So where are clients to turn to get financing? Credit cards? Hopefully the credit markets open up again.

By: FHA Streamline Mortgage

FHA Streamline Mortgage — Fri, 25 Sep 2009 18:17:19 +0000

If you have a HELOC, go draw as much money as you can out of it — the banks are just closing these without notice for people nowdays.

Hurry!

By: Tiffany

Tiffany — Wed, 23 Sep 2009 10:59:51 +0000

To my mind Heloc is 10 times better than a home equity loan nowadays. Because if you are taking the whole big sum at once, you can easily forget about looking at prices and calculating your expenses. You wil have a big sum of money and you will think about better materials for house remodelling and so on. What about HELOC, you will know that every sum that you take, you will have to pay back soon. You will calculate your expenses and buy everything carefully.

By: Shelby | Heating Elements

Shelby | Heating Elements — Wed, 23 Sep 2009 07:38:47 +0000

This is something that is great and also bad for home owners, as this can get out of control, some home owners have to have big control over their spending because this can spiral out of control. I just think that in these financial times with the recession one should rather save then put themselves into more debit.

By: ipe decking

ipe decking — Tue, 22 Sep 2009 15:38:35 +0000

as long as you excercise control with the money you get from the equity loan it’ll make your value go up. it’s a great thing

By: Gulvafslibning

Gulvafslibning — Sun, 06 Sep 2009 21:17:25 +0000

Excellent eye-opener, but the question that remains is; How easy (or rather difficult) is it to get a HELOC these days?

By: admin

admin — Tue, 01 Sep 2009 17:40:08 +0000

Well pre-paying with no penalties should always be worked into the terms of the loan and generally with most equity lines of credit there usually aren’t any pre-payment penalties with most HELOC’s that I’ve seen…that’s why they’re more convienient and desirable over re-doing the entire mortgage which sometimes does have pre-payment penalties unless you pay extra points for no pre-payment and also keep in mind there is no tax deduction for credit card loans but with mortages and equity lines of credit the interest is currently tax deductable.

So things like paying off non tax deductable debt with an equity line of credit can consolidate debt with usually a MUCH lower interest rate than credit cards and the interest on the consolidated debt becomes tax deductable…so you save on both the amount of interest you are paying and the amount of taxes you pay as well.

By: credit card loans

credit card loans — Tue, 01 Sep 2009 02:48:45 +0000

Whilst a home equity loan sees a tidy solution as it can be an extension of the mortgage (with some lenders) be aware that like the mortgage that some products limit the flexibility of repayment, whereas credit cards will allow you to repay earlier with no penalties. It is the length of the loan which really proves costly so the felxibility of repayment is essential in reducing the loan cost.

By: Milford MA Real Estate

Milford MA Real Estate — Mon, 31 Aug 2009 23:49:50 +0000

Great explanation on the difference between a home equity loan and a home equity line of credit. With money being cheap and Real Estate being done across the country now is a great time to invest in Real Estate by putting money back into our homes.

By: jess SEO

jess SEO — Thu, 27 Aug 2009 16:54:29 +0000

i would have opted to save some money and then remodele my house.. well save a moderate amount and then go for the loan..but with the home equality things change.. i think its easier..

By: housing market

housing market — Wed, 05 Aug 2009 14:17:58 +0000

I opted to use my credit card when I was having some remodelling done in the kitchen. Luckily it was not that huge a project but it sure caused quite a dent on my credit card statement. Later on I realized I should have opted for a home equity loan. Luckily I am now taking a debt consolidation loan to ease my worries.

By: Insurance

Insurance — Wed, 29 Jul 2009 11:51:01 +0000

A Home Equity Line of Credit in many ways is similar to a credit card. At closing you are assigned a specified credit limit that you may borrow up to (this is not a check).

A draw period usually lasts anywhere from 5 to 25 years and allows you to borrow HELOC funds whenever you feel the need; you’re only required to pay back the amount you use plus interest.

By: Chris Builder

Chris Builder — Mon, 13 Jul 2009 04:24:42 +0000

Many people don’t realize that they can use a home equity line of credit to do their home remodeling or home improvement.

For many this is the best way that they can achieve the remodeling of a particular area of their house such as adding a designer kitchen or even the costly conversion of a loft for example. There are ways to complete your home renovation whether you are intending the renovation for sale or for your own purposes so you don’t always have to be put the thought of having to come up with all the construction funds up front.

Regards
Chris