Home Equity Loan
A home equity loan might just leave you twitching and writing on the floor. But its your floor, and you can at least make sure its clean before you apply for that home equity loan.
Home Equity Loan - Maniac On The Floor
Taking out a home equity loan will be tough for the great majority of applicants:
- For most of us, our only experience with that much money was when we took out our first mortgage - and this time you are in complete control of where and when to spend the cash.
- That same majority will probably think its impossible to add any more obligations to their monthly demands, but they'll take a closer look, see a little room, be blinded by all that available home equity and they'll go for it anyways.
Given the option between sitting on your equity until your home sale or putting it into action now, most home owners will choose now - and most will make the right decision.
A home equity loan is a good thing
Even if you do wind up applying for more than you can handle - even if your home equity loans eventually catch up to you and you suffer through massive amounts of price shock - the fact that you took the challenge is a good indication of your financial strength and confidence, two things home owners definitely need to survive. So you have too much on your plate - consolidate your initial home loan with that equity mortgage into a single refinance. And heres the great thing about refinancing - right now you will probably get a better refinance rate than the rates attached to your first and second mortgages.
So take that chance! If you need a home improvement loan and you see enough room to handle the monthly costs you should go for it. There won't be any insurance to worry about, no unexpected future expenses you can't handle.