| As interest rates rise more homeowners are turning to | | | | card to access your funds. |
| home equity loans to payoff other high interest debt. | | | | There are literally thousands of home equity lenders in |
| Equity in your home is the difference between what | | | | the marketplace today. The mortgage industry is |
| you owe and what your home is worth. A home | | | | extremely competitive and lenders are tripping over |
| equity loan or 2nd mortgage is a means to borrow | | | | each other for your business. These lenders range |
| against this value. | | | | from traditional banks and credit unions to online |
| One thing you must understand is that home equity is | | | | lenders that specialize in home equity lending. |
| a loan. A home equity loan is like having another | | | | You can use the home equity loan for any purpose; |
| mortgage to pay every month. Home equity loans are | | | | keep in mind that it is your money you are borrowing |
| secured by your home so you can get better interest | | | | and put it to good use. Many homeowners use home |
| rates than unsecured loans; however, if you fall behind | | | | equity loans for repairs or improvements to their |
| on your payments the lender could foreclose and take | | | | homes. Some people use home equity loans to pay |
| your home. | | | | for their children's college tuition. Others use home |
| The advantage of taking out a home equity loan or | | | | equity loans to take vacations. It is after all your |
| second mortgage is that as long as the loan is secured | | | | money; however, you do have to repay the lender for |
| by the home you live in, the interest is a tax deduction. | | | | lending it to you. |
| Consolidate your high interest credit cards and other | | | | To learn more sign up for a free guidebook to |
| debt and claim a tax deduction. Home equity loans are | | | | mortgages and mortgage refinancing. |
| flexible, many will provide you with checks or a debit | | | | |