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Home equity loans are based on the equity, or market value, of your home. Most lenders will allow you to up to 80% of your home's value, minus whatever you own on your primary mortgage. Some lenders will lend up to 90%, but you will pay a higher interest rate, and possibly interest points, which are paid upfront from your loan amount.
Home equity loans are superior to conventional personal loans in many ways because:
Home equity loans, like any loans, should be sought for appropriate reasons. The recent housing bubble caused problems for those who thought housing prices would always rise, and that they could use their home as a personal piggy bank. These loans are secured by your home, and if you are in default, you may lose your home to repay them.
That being said, home equity loans are a great deal for purposes that will enhance your financial worth or quality of life. These purposes include:
While home equity loans should not be used for frivolous purposes, frivolity is in the eye of the beholder. If you have always dreamed of a home theater, complete with a few rows of theater seats and a popcorn machine, and you are generally responsible and financially sound, a home equity loan is a great way to achieve your dream. (For more information, contact MCS Bank)
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