Depending on your situation, taking out a HELOC may be a better option when you have bad credit than some other loans or credit products would be.
Read MoreDid you know that a HELOC can also be a great way to fund home improvements that could actually increase your home equity in the long run? And if you increase your home equity, down the line, you can get a credit line increase as well?
A home equity line of credit, or HELOC, is a revolving line of credit that’s secured by the equity in your home. Think of it as a secured credit card, with your home acting as collateral.
Just like with a credit card, you’ll have a limit. This limit represents the equity in your home. You can tap it as frequently as you want, provided you have the available balance. When you pay down your balance, that amount of money is credited to your HELOC and you can spend it again later.
Read MoreIn part three of our “Different Types of Mortgages” series, we talked about conforming loans, jumbo loans, and super jumbo loans. Now, we’ll share some of the other types of mortgages that aren’t used for buying a residence -- from refinancing loans to home equity products.
Read MoreHELoans and HELOCs are types of home equity loans. Use the difference between what you owe on your home and what it’s worth to finance home improvements, large purchases, etc. Shop around for best rates if you have bad credit.
Read MoreWhen the Tax Cuts and Jobs Act of 2017 was signed into law, there was an immediate uproar. Some people railed about how it would affect their paychecks, others about their child care credits. Another group was howling about their formerly tax-deductible interest from their home equity loans. We’re here to get to the bottom of this situation and clear up any misinformation you may have heard about deducting home equity loan interest in 2018 and after.
Read MoreWhen the time comes for a major home improvement project like a landscaping project or new roof, you can keep your liquid money in savings and tap your house-sized piggy bank instead. Home Equity Lines of Credit are flexible, affordable and attainable sources of funding for home improvements like landscaping or a new roof.
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