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Planning to Take A Home Equity Loan? The Do’s and Don’ts Of It
Maybe you want to finance major expenses like your children’s college education, you suddenly have to deal with large and unexpected medical bills, or you want to make major home improvements or repairs. A good way to get the funds is to opt for a mortgage loan. Depending on your credit history and the loan/value ratio of your property, you can take out a safe and comfortable loan against your home.
What are home equity loans?
These are loans taken using the market value or equity of the borrower’s home as collateral. The net worth is calculated using the difference between the market value and the outstanding mortgage balance.
Home equity loans have recently been making a comeback after many years of scarcity in the market. For those with a good credit rating, rates are lower than with other forms of borrowing, such as personal/auto loans or credit cards.
Home equity loans can be easy to get if you meet the eligibility criteria and make financial sense if you have the equity, but there are several inherent risks:
• Floating or variable interest rates – they could always go up in the future
• Too easy to spend: You can end up with “buyer’s remorse” after splurging on a bunch of unnecessary stuff
• Full Repayment: If you are not financially savvy and don’t follow the rules, you may find yourself in trouble at the end of the loan term.
• Loss of property – defects lead to foreclosure and you may lose your home
This is why exploiting the value of your home can be extremely risky if you take out a home loan without fully understanding the process and its implications.
Do’s and Don’ts
Protect yourself and your family by thoroughly educating yourself before taking out a home loan. It could be a disaster in waiting if you are not aware of the implications and repercussions.
Here are some tips to keep in mind:
• Remember that it is still a form of mortgage
• Keep meticulous records of all refunds and charges, including billing statements, bank records, canceled checks, etc., so you can challenge inaccuracies with solid evidence.
• Read the loan agreement very carefully
• Never hire unlicensed contractors to do work on your home
• Use the loan amount to make genuine improvements to your home or any specific purpose for which you took the loan
• The loan amount can be used to meet unexpected events or crises if you do not have an emergency fund
• Can be used to build a nest egg for retirement
• Check whether tax benefits or deductibles are available
• It’s tempting, but never use your home loan to splurge on a bigger TV, boats, cars, cruises, vacations, etc.
• If you are planning to sell your home soon, avoid taking out a home loan
• Don’t take out an unnecessarily large loan, keep it realistic. If the market goes down, you could be stuck in a massive repayment situation
• Don’t be pressured by heavy marketing tactics – educate yourself and inform yourself
• Check with your family before taking out a loan
• Never sign documents that have blank spaces or that you have not thoroughly read and understood
• If necessary, have the documents viewed by an expert
• Assess your ability to repay and judge whether you can really pay
Today, interest rates are at an all-time low and the economy is looking up. Many homeowners are considering taking out a home loan, and it is indeed an excellent option if you have the credit rating and eligibility. Also, if you have also fully assessed the risks and benefits, approached a reliable, well-established and reputable institution or organization and done your research well.
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