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Reasons To Get A Home Equity Loan
By Tim Gorman
Using a home equity loan really depends on what your needs, wants and desires are that prompt you to take the home equity loan in the first place.
The most common reason people obtain the loan is for debt consolidation however other uses include home improvements, educational expenses, unexpected family emergencies, medical expenses and in some cases for big ticket purchases.
As expected debt consolidation is the primary reason many people obtain a home equity loan. The thinking is sound especially if they're stuck paying anywhere from 17% to 21% in credit card debt. Department store cards are another money eater that using a home equity loan to pay off could be considered smart.
Paying for an education with the loan could prove beneficial in the long run but I'm hesitant to advocate taking out a loan for that reason. The only other reason I could recommend getting a home equity loan would be to pay for a home improvement project that could increase your home's value and could also make you feel better about your house.
For absolutely no reason would I ever advise anyone to take a home equity loan out to make a big ticket purchase. It simply doesn't make financial sense in the long run. As far as for medical reasons or family emergencies I would take that case by case to determine if it would be a smart decision.
Timothy Gorman is a successful webmaster and publisher of Military-Loans-Online.com. He provides more free financial information and home equity loan uses that you can research in your pajamas on his website.
Other websites operated by Tim
Cellular-Phone-Solutions.com - Free information and resources regarding cell phones and cell phone plans.
Best-Free-Insurance-Quotes.com - Offers discount auto, life and home insurance.
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Home Equity Loan Lowest Rate Specific links
Home Equity Loan Lowest Rate News
US mortgage rates set new lows a 6th straight week - Reuters
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A cash-in refinance can cut mortgage costs - MarketWatch
 New York Daily News | A cash-in refinance can cut mortgage costs MarketWatch When the extra funds may get a borrower the lowest rates possible -- those that require a loan-to-value ratio of less than 60% and a FICO score above 740, ... Plunging jumbo mortgage rates Lowest Mortgage Refinance Rates under Obama Stimulus Plan Mortgage Refinance With Bad Credit Helpful In Saving A Lot Of Money |
Interest Rate Roundup home equity - Bankrate.com
Interest Rate Roundup home equity Bankrate.com Meanwhile, home equity loan rates fell 5 basis points, to 7.22 percent. That's the lowest rate since October 2005. To find the best home equity loan rates ... |
When is the Best Time To Refinance Your Home? - FavStocks (blog)
 FavStocks (blog) | When is the Best Time To Refinance Your Home? FavStocks (blog) They spout about how home owners need to refinance now before the rates skyrocket. This is the lowest interest rates that we will probably see in our ... |
5 Tips To Eliminate Bad Debt And Breathe Easy With A Credit Card Debt ... - TMCnet
5 Tips To Eliminate Bad Debt And Breathe Easy With A Credit Card Debt ... TMCnet There's also the suggestion that you should instead take out Credit card debt consolidation program a home-equity loan if you happen to own a house. ... |
Still Speculating In Australian Housing - Forbes (blog)
 Forbes (blog) | Still Speculating In Australian Housing Forbes (blog) Yet, according to Guy Debelle, assistant governor of the RBA, low-doc loans still account for almost 10 percent of new loans and almost half of all new home ... Aussie Housing Bubble Gets Popped With Chinese Credit Crash |
Mortgage rates are lowest in four decades but lenders say people are afraid to ... - Press of Atlantic City
 Credit.com News | Mortgage rates are lowest in four decades but lenders say people are afraid to ... Press of Atlantic City Today, homeowners wanting to take advantage of the low rates would generally need good credit and home equity - difficult to achieve for those enduring a ... Mortgage Rates 7/18: Current Mortgage Rates Stablize: 30 Year Mortgage Rates ... What Is Keeping Mortgage Rates Low? Home Mortgage Loan Rates – Refinance Interest Rates on July 19, 2010 Near 4.5 ... |
Low mortgage rates draw buyers, but banks throw up roadblocks - Kansas City Star
 Mortgage News | Low mortgage rates draw buyers, but banks throw up roadblocks Kansas City Star The low-interest rates have done little to spur activity in the housing market. Last week, the number of mortgage-loan applications for home purchases ... Mortgage Refinance Rates Near 3%, Today, July 23; Lock Home Loan Rates with ... |
Another round of new lows for mortgage rates - Los Angeles Times (blog)
 Bakersfield Now | Another round of new lows for mortgage rates Los Angeles Times (blog) Interest rates for fixed-rate home loans scraped to new record lows this week as concerns about the sluggish economic recovery drove down yields on the ... Refinancings rise as mortgage rates hit 4.56 pct. Mortgage rates fall again, setting new record lows |
Huntington Bancshares Reports Second Quarter Net Income of $48.8 Million, or ... - MarketWatch (press release)
 SunHerald.com | Huntington Bancshares Reports Second Quarter Net Income of $48.8 Million, or ... MarketWatch (press release) At the end of the quarter, $398 million of Franklin-related loans ($333.0 million of residential mortgages and $64.7 million of home equity loans) at a ... Marshall & Ilsley Corporation Reports 2010 Second Quarter Results IBERIABANK Corporation Reports Second Quarter Results and Updates Significant ... |