Mortgage and Refinancing Information Channel:
We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
Home Equity Loan - Not Just For Home Repairs, And Tax Deductible, Too!
Thanks to the combination of low interest rates and skyrocketing property values, home equity loans are more popular than ever. The value of home equity loans taken out by Americans has doubled in the last two years, and the market for them shows no signs of slowing down. Obtaining a home equity loan is usually a fairly simple process involving some paperwork, a credit check, and a home appraisal, and the entire process can often be done in just a few weeks. Lenders will often lend up to 80% of the value of the home's equity, and some lenders will even lend up to 125% of a home's equity.
Home equity loans are quite useful, and have several advantages over other types of loans, such as credit card loans or more traditional secured loans. The biggest advantage is that the interest on home equity loans is tax deductible. The interest rates on home equity loans are already pretty competitive, but the addition of the tax deduction makes them pretty hard to beat. But do you have to use a home equity loan to improve your home in order to qualify for the tax deduction?
Many people do not realize that improvements on your home are not necessary in order to take the tax deduction. While home improvement is probably the most popular reason for taking out a home equity loan, many people use them for any one of a number of other reasons -- buying a boat or RV, taking a dream vacation, or even just using the money for to debt consolidation. The relatively modest interest rates charged for home equity loans are far more favorable than the 20% or so charged by many credit card companies, making debt consolidation a pretty smart use for a home equity loan.
Whatever the reason for taking out a home equity loan, be it home improvement or otherwise, the tax deduction makes it a pretty good way to borrow money.
©Copyright 2005 by Retro Marketing.
Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and HomeEquityHelp.net, a site devoted to information on home equity loans.
MORE RESOURCES updated Fri. March / 05 / 2021
Today’s mortgage refinance rates mixed — one key rate drops while another rises | March 2, 2021 - Fox Business
Today’s mortgage refinance rates mixed — one key rate drops while another rises | March 2, 2021 Fox Business
Can refinancing a mortgage hurt my credit score? Fox Business
Today's mortgage refinance rates see little change as market holds steady | February 25, 2021 - Fox Business
Today's mortgage refinance rates see little change as market holds steady | February 25, 2021 Fox Business
Best cash-out refinance lenders in 2021 Bankrate.com
ADA Member Advantage endorses Laurel Road as mortgage provider American Dental Association
Mortgage rates are falling to unprecedented lows in 2021 — refinance now to save money - Q13 FOX (Seattle)
Mortgage rates are falling to unprecedented lows in 2021 — refinance now to save money Q13 FOX (Seattle)
Refinance Loans Propel Yet Another Increase In Home Mortgage Lending Activity During Fourth Quarter Of 2020 - PRNewswire
Refinance Loans Propel Yet Another Increase In Home Mortgage Lending Activity During Fourth Quarter Of 2020 PRNewswire
What Is a Mortgage and How Does It Work? | Mortgage 101 The Mortgage Reports
What Are The Benefits Of Cash-Out Refinancing? Is It Worth It? The Mortgage Reports
David Hochberg: Can homeowners refinance after forbearance? WGN Radio - Chicago
How Long Does Underwriting Take? Is 'No News Good News'? The Mortgage Reports
Can Closing Costs Change On The Closing Disclosure? The Mortgage Reports
Can You Use A 203K Rehab Loan For An Investment Property? The Mortgage Reports
The Lending Issue: Ready, Set, Close! Chicago Agent magazine
Top 5 mortgage refinance questions answered Fox Business
How to decide if you should refinance your mortgage Fox Business
Pros and cons of a cash-out mortgage refinance Fox Business
How to refinance your mortgage Fox Business
Mortgage refinance: Everything you need to know Fox Business
Who's exempt from the new mortgage refinance fee? Fox Business
How do I get the most out of my mortgage refinance? Fox Business
Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now - Fox Business
Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now Fox Business
What are the hidden costs of refinancing a mortgage? Fox Business
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 - Forbes
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes
Mortgage refinance applications soar despite a new fee that increases the cost - Pittsburgh Post-Gazette
Mortgage refinance applications soar despite a new fee that increases the cost Pittsburgh Post-Gazette
4 ways to get lower mortgage refinance rates Fox Business
The best mortgage refinance lenders of March 2021 Business Insider
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low - CNBC
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low CNBC
Despite low mortgage interest rates, homeowners should research the caveats before reﬁnancing - Seattle Times
Despite low mortgage interest rates, homeowners should research the caveats before reﬁnancing Seattle Times
5 reasons to refinance your mortgage right now HousingWire
Complete Checklist of Mortgage Refinancing Requirements Credible News
10 things to know before refinancing your mortgage Fox Business
Refinancing your mortgage? Don’t make this mistake Fox Business
3 Mortgage Refinance Strategies to Consider in 2021 The Motley Fool
How a mortgage refinance affects your net worth Fox Business
How often can you refinance your mortgage? Fox Business