Home Equity Loan

A Home Equity Loan can offer substantial savings by consolidating all your debts into one. A home equity loan debt consolidation is secured by your home, meaning lower borrowing rates and additional tax savings.

The days of having a home mortgage loan, a personal loan, a car loan, a savings account, a checking account, and outstanding balance on credit cards are becoming a thing of the past.

Financially, it makes sense to consolidate your various personal loans into one. The interest savings can then be used to pay down your debt principal. A home equity debt consolidation loan only works if you’re financially disciplined. This means you don’t run up debts again such as credit cards. If you do, you could end up with more debt than you can manage. Since your home is used to secure the home equity loan, failure to make payments could lead to foreclosure of your home.

You generally have the right to cancel the deal for any reason — and without penalty — within three days after signing the loan papers. The lender must return any money you’ve paid to date.

Negotiate with more than one lender. Make lenders compete for your business by letting them know that you’re shopping for the best deal. Ask each lender to lower the points, fees or the interest rate, and to meet — or beat — the terms of the other lenders.

Financial contracts are very confusing. Before signing yourself to a major long term committment; have an attorney, familiar with financing and taxes, examine and explain the details (where the Devil is). A good tax finance attorney can save you many times his fee over the years, not to mention possible legal problems.

Whether buying a new car, or a used car, or selling a vehicle; first check KBB (Kelley Blue Book), Black Book, Red Book, or the NADA Used Vehicle Guide.

For complete information on all your financial needs, turn from home equity loan to the home page.

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