In today's world, it seems that almost any topic is open for debate. While I was gathering facts for this article, I was quite surprised to find some of the issues I thought were settled are actually still being openly discussed.
What You Need To Know About Home Equity Loans
by James Copper
A home equity loan is a popular and attractive source of borrowing for thousands of people. Part of the reason people think first of a home equity loan when they need a substantial sum of money is that home equity loans are marketed extensively, with advertisement in every medium.
Lenders love home equity loans because they are highly risk free. Therefore, a home equity loan is easy to get and offers one of the best interest rate of any type of high end loan.
A home equity loan is attractive for consumers, not only because of the low interest rate but because that interest can be deducted from income taxes. The outlook isn't completely rosy for consumers who are considering a home equity loan, however.
With any home equity loan you can borrow only up to 80 percent of the equity you've accrued in your home at the time of your loan application. If, for example, your homes current market value were 150,000 and the balance on your mortgage was 70,000 you could borrow 80 percent of the 80,000 equity, or 64,000.
Consumers should not make the decision to take out a home equity loan lightly. Nor should they borrow to the maximum 80 percent just because they can. Borrow only what you have to have.
Think about what you've read so far. Does it reinforce what you already know about home equity loan? Or was there something completely new? What about the remaining paragraphs?
Not only will this save you money in the long run but a loan officer who sees you being foolish about your willingness to put yourself in debt and your home at risk may think twice about your having the responsibility to pay back your mortgage - and on time.
Sometimes a home equity loan is used foolishly for a vacation or toys such as boats and other things that the consumer could really do without. The borrower assumes that their home will appreciate in value over the term of the loan so it really isn't like borrowing or paying interest, is it?
What if the home doesn't appreciate? What if the local mill or factory or other major employer closes down and the town loses a big chunk of property taxes and people move it and then the retail shops lose money and so forth and so forth. If you don't live in the Mid-Atlantic States or the rust belt talk to people who did or do. Hear what they have to say about the likelihood of this occurring.
No matter where you live downsizings, mergers, company closures, layoffs and buyouts are commonplace. There is just no way to predict that your home will appreciate, your job will be secure and you'll be financially better off at the end of the loan and throughout the life of the loan.
A home equity loan, while often a wise thing, and a necessary action, shouldn't be taken on for frivolous desires.
There are occasions, such as lowered home mortgage interest rates and to get out from under high interest unsecured loans such as credit card debt when a home equity loan can save you money and improve your credit standing. When this opportunity arises, assuming you have the equity and can afford the payments, a home equity loan can be a very wise decision.
About the Author
James Copper runs Any Loans - http://www.any-loans.co.uk/no-credit-check-loans.shtml - a no credit loan specialist.
There's a lot to understand about home equity loan. We were able to provide you with some of the facts above, but there is still plenty more to write about in subsequent articles.Below are High Paying keywords for adsense publishers in home equity niche.
| Top Paying Keywords Adsense – Equity Home | |
| Keyword | Avg CostPerClick (CPC) |
| home equity credit lines | $48.22 |
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| home equity lines of credit | $46.76 |
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| chase home equity line of credit | $43.97 |
| bad credit home equity loan | $43.97 |
| bad credit home equity | $40.59 |
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| home equity loans for bad credit | $40.05 |
| low interest home equity | $40.01 |
| best home equity loan rates | $39.98 |
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| home equity loans with bad credit | $39.97 |
| best home equity rates | $38.37 |
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| bad credit home equity loans | $36.64 |
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| home equity lenders | $35.67 |
| home equity line of credit | $35.67 |
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| home equity loan with bad credit | $35.04 |
| equity home loans | $35.03 |
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| home equity loans rates | $34.95 |
| home equity interest rates | $33.92 |
| home equity line of credit rates | $33.38 |
| equity home rates | $33.31 |
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| compare home equity rates | $33.09 |
| home equity credit line | $32.81 |
| rates on home equity loans | $32.80 |
| home equity payment calculator | $32.67 |
| home equity loan rates | $32.48 |
| home equity credit | $32.45 |
| home equity line | $32.08 |
| home equity loan payment | $31.99 |
| current home equity rates | $30.93 |
| home equity line calculator | $30.21 |
| best home equity loans | $29.81 |
| texas home equity loan | $29.58 |
| equity home | $28.93 |
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| home equity line rates | $28.87 |
| lowest home equity loans | $28.69 |
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| rates for home equity loans | $28.50 |
| wachovia home equity | $27.44 |
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| best home equity line of credit | $26.69 |
| home equity interest rate | $26.53 |
| home equity loan interest rate | $26.40 |
| home equity rate | $26.33 |
| home equity loan refinance credit | $26.16 |
| best home equity loan | $26.02 |
| home equity interest | $25.84 |
| texas home equity | $25.71 |
| countrywide home equity loan | $25.65 |
| fixed home equity | $25.60 |
| home equity lending | $25.48 |
| current home equity loan rates | $25.31 |
| home equity payment | $25.30 |
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| chase home equity loan | $25.01 |
| home equity loc | $24.94 |
| equity home loan | $24.88 |
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| home equity load | $24.56 |
| lowest home equity rates | $24.36 |
| fixed rate home equity | $24.14 |
| home equity loans in texas | $24.09 |
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| refinance home equity loan | $23.91 |
| home equity line of credit rate | $23.74 |
| best home equity line | $23.70 |
| 125 home equity loan | $23.64 |
| interest only home equity | $23.54 |
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| lowest home equity | $22.83 |
| equity home refinance | $22.79 |
| refinance home equity | $22.79 |
| equity home loan no | $22.61 |
| 100 home equity | $22.43 |
| 30 year home equity | $22.24 |
| home equity debt | $21.95 |
| home equity loan refinancing | $21.75 |
| equity in home | $21.26 |
| home equity loan quotes | $20.96 |
| fixed home equity loan | $20.94 |
| rochester home equity | $20.91 |
| lowest home equity loan | $20.88 |
| no doc home equity | $20.80 |
| home equity line of credit loan | $20.77 |
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| texas home equity loans | $20.63 |
| stated income home equity | $20.59 |
| fixed rate home equity loan | $20.34 |
| virginia home equity loan | $20.28 |
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| equity home mortgage | $20.24 |
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| equity home loan rate | $20.00 |
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| what is home equity line of credit | $19.93 |
| 100 home equity loan | $19.92 |
| fast home equity | $19.86 |
| refinance vs home equity | $19.74 |
| home equity loan online | $19.74 |
| florida home equity | $19.71 |
| california home equity loan | $19.66 |
| home equity mortgage loan | $19.64 |
| florida home equity loan | $19.59 |
| interest only home equity loan | $19.57 |
| how do home equity loans work | $19.55 |
| best home equity loan rate | $19.34 |
| home equity calculator | $19.22 |
| home equity insurance | $19.07 |
| home equity loan calculator | $18.82 |
| home equity calculators | $18.68 |
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| equity home loan minnesota | $18.51 |
| countrywide home equity | $18.41 |
| maryland home equity loan | $18.19 |
| home equity company | $18.17 |
| home equity loan information | $17.97 |
| compare home equity loan | $17.76 |
| home equity loan comparison | $17.47 |
| home equity loan calculators | $16.44 |
| us bank home equity | $16.42 |
| colorado home equity loan | $16.01 |
| city home equity | $15.99 |
| national city home equity line | $15.90 |
| suntrust home equity | $15.83 |
| instant home equity | $15.67 |
| define home equity | $15.57 |
| gmac home equity | $15.32 |
| home equity loan vs home equity line of credit | $15.25 |
| about home equity loans | $14.84 |
| chase home equity loans | $14.39 |
| mortgage vs home equity | $13.34 |
| mobile home equity loans | $13.33 |
| home equity services | $13.33 |
| what is a home equity loan | $13.20 |
| what is a home equity | $13.19 |
| national city home equity | $13.07 |
| what is home equity loan | $13.04 |
| national home equity | $12.92 |
| how does a home equity loan work | $12.87 |
| second mortgage and home equity loan | $12.60 |
| what is home equity | $12.30 |
| home equity definition | $12.28 |
| equity in your home | $12.04 |
| using home equity | $11.94 |
| gb home equity | $11.32 |
| home equity loan tax | $11.15 |
| home equity tax | $10.58 |
| associates home equity | $10.46 |
| home ownership and equity protection act | $10.39 |
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| what is a home equity line of credit | $10.20 |
| home equity servicing | $9.61 |
| bankruptcy equity home loan | $9.39 |
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| citi bank home equity | $8.76 |
| home equity loan tax deductible | $8.42 |
| associates home equity services | $8.40 |
| home equity management | $8.32 |
| citi home equity | $8.28 |
| mobile home equity | $8.22 |
| american home equity | $8.01 |
| home equity loan tax deduction | $8.01 |
| home equity conversion | $8.01 |
| home equity conversion mortgage | $7.97 |
| american general home equity | $7.23 |
| capital home mortgage | $7.08 |
| equity homes | $6.90 |
| peoples home equity | $6.57 |
| first greensboro home equity | $5.27 |
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