home | banking | car | college | credit/credit card | economy | home/mortgage | insurance | investment | retirement | spending | tax | et cetera

December 1, 2004 12:37 PM

12 Tips For Wise Use Of Equity


Excerpt: Before taking a home equity loan, look over these guidelines.


Before taking a home equity loan, look over these guidelines.

1. Make your mortgage payments a priority. It's your home that's on the line.

2. Don't go with a high loan-to-value product. Lenders who let you borrow more than your house is worth may not be doing you a favor.

3. If you like plastic too much, forgo using a credit card to access a line of credit and get checks instead. Paper is a little harder to let go of.

4. Don't tempt yourself by carrying your home equity credit card or checks with you all the time.

5. Keep some equity freed up for emergencies.

6. Maintain good credit. Banks monitor your payment habits and if they see a change for the worse, they could reduce or freeze your credit.

7. Read the fine print in your loan agreement.

8. If a lender is unfamiliar to you, check with government agencies to see if there have been any complaints.

Read Full Story ...



Selling Your Home (December 06, 2004)
Thinking of cashing in your gains in the real estate market? Or maybe you're selling because you're changing jobs, downsizing, leaving the fast lane. Selling a home can be an intimidating prospect, but with the right preparation and attention to detail you can maximize your ...
Conforming Mortgage Loan Limits Rise For 2005 (December 04, 2004)
Borrowers can get larger loans in 2005 without having to pay higher rates for jumbo mortgages. Mortgage funding titans Fannie Mae and Freddie Mac have raised their 2005 conforming limit to $359,650, up from the 2004 limit of $333,700. It represents a 7.7 percent increase ...
Housing Wealth Reverberates (November 30, 2004)
Homeowners who watch the value of their houses climb aren't reluctant to spend a portion of that growing wealth, pumping about 5 1/2 cents for every dollar increase in home equity back into the economy, a study released Tuesday finds. And while that is the ...
More Mortgages To Be 'Conforming' (November 30, 2004)
Thousands of U.S. homeowners will be able to take advantage of slightly better mortgage terms in 2005 as a hike in the conforming-loan limit will allow mortgage giants Fannie Mae and Freddie Mac to purchase bigger loans. Fannie Mae (FNM: news, chart, profile) and Freddie ...

Read all 22 posts in the same category of Home and Mortgage:

A New Way to Hedge Your Home's Paper Profit - Dec 12, 2004
California, U.S. in a Housing 'Bubble,' UCLA Forecast Says - Dec 11, 2004
21st-Century Landlords - Dec 10, 2004
Get Real About Real Estate - Dec 09, 2004
Can There Be Too Many Homeowners? - Dec 06, 2004
Selling Your Home - Dec 06, 2004
Conforming Mortgage Loan Limits Rise For 2005 - Dec 04, 2004
Housing Wealth Reverberates - Nov 30, 2004
More Mortgages To Be 'Conforming' - Nov 30, 2004
Realtors Engage In Turf Battle With Discounters - Nov 28, 2004
Expanding The American Dream Commitment - Nov 26, 2004
'Tis the Season to Fix Up Your House - Nov 26, 2004
Sell Your Home — Fast - Nov 26, 2004
Most Expensive Gated Communities In America 2004 - Nov 26, 2004
Exchanging Real Estate Tax Free - Nov 25, 2004
Home Equity For The Holidays? OK, With Caution. - Nov 25, 2004
Does It Pay To Save? - Nov 23, 2004
The High Earner/Poor Saver - Nov 20, 2004
Six-Figure Zip Codes - Nov 20, 2004
Buyer's Home Feature Preferences Reflect Lifestyles - Nov 16, 2004
Pattern of Strong Home-Price Gains Continues in Most Metro Areas - Nov 16, 2004