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Bad Credit Mortgage Refinance |
Home Equity Line of Credit for any and all credit situations!
A home equity essentially allows you as a homeowner to have a revolving line of credit based on the amount of equity in your home. This revolving equity account permits borrowing from time to time, at discretion, up to a set credit limit. As you pay down the balance of your line of credit, your funds become available to use again.
Unlike a unsecured line of credit, the interest rates are substantially lower on a "home equity line of credit" since it is secured by your home. Plus, just like the interest on your mortgage, the interest you pay on a equity loan may be tax deductible! Check with your tax advisor regarding the deductibility of interest on a line of credit.
What Can I Do With the Money?
With a Home Equity Line of Credit, what you do with the money is entirely up to you. You can use it to pay for education expenses, the cost of a wedding, to fix up your home, or buy a car. There's no end to the possible uses of a equity home loan.
How Much Can I Borrow?
You can borrow up to 50% of the home's fair market value. However, the total of all loans against your property, including an equity loan, may not exceed 80% of the home's fair market value. By law, you must draw a minimum of $4,000 at a time.
How Long Does It Take To Get A Home Equity Line Of Credit?
Home Equity law requires a mandatory 12-day "cooling off" period before you can sign your closing papers and a mandatory three-day "Right to Cancel" before you receive your first advance.
Bad Credit Mortgage Refinance
Bad Credit Home Equity Loan
Bad Credit Refinance
Home Equity Line of Credit