If you’ve built up equity in your home and need some funds over a long period of time, then a home equity line of purchase (HELOC) could be a good option. HELOCs can be used for a variety of purposes, including remodeling your home, paying major medical expenses, consolidating debt, and covering college tuition. A... View ArticleRead More
Tag Archive: home equity loan
Nearly a decade after the housing bubble burst, rising home values are finally raising the levels of home equity for millions of American families. By the end of the second quarter, more than 12.3 million homes were equity rich—meaning their owners owed less than 50 percent of the property’s value on outstanding mortgages—according to real... View ArticleRead More
What makes owning a home such a smart financial decision? As you pay off your mortgage loan – or as your home increases in value – you build up equity. You can then tap into this equity to help fund home repairs, pay a child’s tuition or invest in another piece of real estate. What... View Article
After I buy a home and rent it out, how long do I have to wait to take out a home equity line of credit on that property? I’d like to do this quickly so I can use my line of credit to buy another home.
The good news is that you can take out a home equity line of credit, better known as a HELOC, on a rental property. Most lenders will give you a HELOC – if your credit is good – on rental properties that have up to four units. And lenders don’t care what you’ll use your... View ArticleRead More