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6 ways to know if HELIC is right for you The equity is the market value of the home less on what you owe on mortgage. With this, the Home equity line of credit can help you if you need for home renovation or pay off debt. Reasons to consider Home equity line of credit Here are factors that you need to keep on mind if you want to decide if HELOC is right for you or not. 1. Calculate the equity. HELOC will allow the borrower to borrow money against the home that they already own. To calculate the equity, subtract to what you owe form the recent home’s value. After that, divide the amount with the home value to get the percentage from your equity. 2. Understand the eligibility. To be qualified into HELOC, you will need good credit score and minimum 20% home equity. 3. Draw and repayment periods. HELOC have two stages of draw period and repayment period. In draw period, you have access to money as you need up to 10 years. In repayment period, it will come and can be last up to 20 years. In this period, you are unable to withdraw money during the repayment. 4. Interest is variable. After you get full access into HELOC, next step is you need to pay the interest of what you have drawn. The interest rate of HELOC usually lower than other credit and loans, but it has variable and move up and down depend to prime rate or other index,. 5. Use your equity. The most popular reason to use HELOC is for home improvement project. However you also able to use it for other purposes such as funding the college education or consolidate the debt. Such as other lending tools, then you also need to determine several factors, include variable rates. If you manage the risks, then HELOC can be smart way for make your plans to become real. Compare Home Equity Loan Rates you find and choose the lowest rate you can afford. The common misconception about the Prequalify for Home Loan There are nothing seems need to do by first time home buyers rather than go to Prequalify for Home Loan agreement. This term often confused with the pre-approval loan. The prequalification is estimation on how large the mortgage that you can afford based on your past two years financial information. This is useful to narrow you down the options and focus on how much house that you really able to afford. Many people have wrong conception about Prequalify for Home Loan. · It is same as loan. The fact is, it is totally different. · You do not need to make research about lender. The prequalification will help to determine the Home Loan, so you are able to find lender that put you in ease. · It is no need for prepare. The home buyers should always prepare the prequalification as they will secure the mortgage. · Be honest. Tell your lender everything that they want to know. As you have well-known about Prequalify for Home Loan, this will ensure you to have guarantee for Home Loan. The goal from prequalify for Home Loan is to show that your financial profile is remained consistent for the past two years. Understanding the work of Home Equity Loans Are you considering buying new home and needing for mortgage? Then it is important for you to understand and know the term that you need to do before apply Home Equity Loans. Get home equity line of credit When you consider applying for Home Equity Loans, then there are two options available to choose The first way is by Home equity line of credit. This is ways by approved to have maximum amount that available and only borrow as you need. This options allow to borrow in multiple times after get approved. In early years, you can make small payments, but in certain point, you need to start make full amortizing payment that will eliminate the loan. Home Equity Line of Credit (HELOC) is option that offers the most flexibility as you are able to control over the loan balance and the interest cost. The next option is lump-sum. The lump-sum is ways to take large sum of cash in the front and the repay the loan over time with the fixed month for payment. The interest rate will be set when you borrow and remain loan will be fixed for the loan life. The monthly payment will reduces the loan balance and also cover to some of interest cost. The pros and cons of Home Equity Loans Benefit of Home Equity Loans · It is low rates. Typically Home Equity Loans have lower interest rate than the unsecured loans such as personal loans and credit cards. The lower rates will help to keep the cost of borrowing low but the closing cost might offset the low rates. · It is good for bad credit. It is easier to approve with Home Equity Loans if you have bad credit. · Large amount. The borrowers are able to qualify with relatively large loans in this Home Equity Loans. · Potential tax benefit. The Home Equity Loan rates are typically varies and the interest charges can change in over time. the best time for shop Home Loan is on early October as the Consumer Protection Bureau began to mandate lenders for provide new and simplified disclosure to help potential clients to compare Home Loans. The disclosure will be useful most when you found home you want and need solid estimation for borrowing cost that comes from varies lender. However, before you start to make Home Loan, you will need to prove that the bank will lend you so you can close the deal. The prequalification The prequalification is the first step where you started to make research and apply to Home Loan. With this, you will have ideas for how much amount of money you can afford. When the bank qualifies you, this will give you preliminary statement of estimation how much money you can borrow, based on financial information you provided. The process of prequalification of Home Loan is easy and simple. Basically, you will need to give the lender with basic information about your financial conditions such as income and debt. With this, bank will give general ideas whether you are Prequalify for Home Loan or not.