Welcome to Home Mortgages
Glasgow Mortgage Article
This is a selection made from among articles on Glasgow Mortgage. For a permanent link to this article, or to bookmark it for future reading, click here.
Is A Home Equity Loan Right For You?
from: Dean Shainin
You keep hearing about home equity loans.
The bills are out of control and you need a new car. “Maybe we can get a new carpet and paint the house”, you say to yourself. And, you keep hearing about home equity loans.
These are just a few reasons why home equity loans can seem like the solution to all your problems and are so popular.
Home Equity Loans: The Upside and Downside
Home equity loans can be a fantastic way to start your own business or to take advantage of an investment opportunity. They can also make your situation worse than it was before you got the home equity loan.
The reason’s for taking advantage of home equity loans are the most important part of the process. Take the time to sit down and ask yourself, “Do I really need a home equity loan? Do I want to go on a spending spree or am I really trying to improve my life?”
A Home Equity Loan is Like Having a Second Mortgage on Your Home
Suppose your home is worth $200,000 and you have a mortgage against it at $150,000, you will have $50,000 of equity available. Home equity loans allow you to borrow up to 80%, and sometimes more in certain situations, of your home value. In this situation you could borrow $80,000 as a home equity loan and still have only borrowed 80%.
This is why it is so important to take a good look at your situation before making a decision. You can see how easy it could be to get carried away with home equity loans.
A Home Equity Loan-Some Smart Reasons and Some Not-So-Smart
Let’s say you only need $20,000 for that new car and some home improvements. You decide to borrow another $15,000 of equity for that vacation to Hawaii you have been dreaming about. First of all, a vacation to Hawaii would not cost $15,000 unless you went on a first class, spare no expense vacation.
Using a home equity loan to buy a car may not be a great idea with today’s 0% interest rates and no money down loans. There is no sense in risking losing your home to buy a new car with these type of loan programs that are available in todays market.
On the other hand, a home equity loan for home improvements may be a great idea. This will add value to your home as long as you can afford the higher loan payments.
A business that’s doing great that you want to expand may be another good use of a home equity loan. As long as the business is already in profit and is not losing money.
Some solid investments can be a good idea if you have done your research before hand. The latest IPO may or may not be a great idea.
Consolidating high interest credit cards may be a great idea as long as you close the accounts and don’t run them back up. You really only need one or two credit cards in case of an emergency.
Educational expenses may be a good reason to take a home equity loan to get your children started in the right direction. Someday this type of an investment can pay off.
These are just a few things you can do with home equity loans. It’s very easy to borrow too much, only to find yourself having a tough time making the new payments.
The important thing to remember with home equity loans is to be logical and don’t let your emotions get the best of you. Again, take the time to sit down and research all your options. This way you can rest well at night and not have to be concerned about losing your home. You can enjoy the things you do with your home equity loan knowing you’ve made a wise decision.
About the author:
Dean Shainin is a consultant specializing in home equity loan strategies and home mortgage loan information. To see a list of recommended home equity loans, advice and information, visit this site: www.homemortgageloantips.com
Glasgow Mortgage Specific links
Watch Free Videos At Mevio!
- Tons of Free Videos, Only At Mevio.com
-- http://www.mevio.com/
Looking for a laugh?
- Click here to check out the funniest comedy videos on the web every day at Comedy.com.
-- http://www.comedy.com/
Luxury Reviews and Trends
- Discover incredible luxury travel, shopping, articles, videos and more...
-- http://www.justluxe.com/
Howie Mandel & Gay's Smoothie
- Howie Mandel teaches a woman named Gay the right way to shop, "Buy.com". Watch the new Buy.com commercial on youtube now!
-- http://www.youtube.com/
Car-Parazzi
- If you love cars, join the Car-parazzi. And if someone car-parazzi's you... smile and rev, it means you've got a hot car!
-- http://www.car-parazzi.com/
Glasgow Mortgage News
Rebel Frank Field leads calls for curbs on migrants - Times Online
The leading Labour rebel, Frank Field, has teamed up with senior Tories to demand a cap on the number of immigrants settling in Britain. In a move that will alarm Downing Street, Field will tomorrow become the first prominent Labour figure to tackle ...
Read more...Careful with that axe, Tavish - Times Online
Liberal Democrat leaders are not, as a rule, associated with marauding. Sex scandals, yes — Jeremy Thorpe, Paddy Ashdown and contender Mark Oaten have given British politics some memorable moments of high drama and low farce. Old-fashioned, red ...
Read more...Losses for Connacht and Ulster in Magner's League - Independent
Connacht was defeated by the Ospreys at the Sportsground 16-3, as the new season of the Magners League got underway last night. Ireland and Ospreys winger Tommy Bowe was the game's only try scorer. Ulster lost 16-9 at Ravenhill to Llanelli Scarlets ...
Read more...Lloyds TSB to offer country's only Islamic bank accounts - Edinburgh News
south of the Border last year. They are now on offer at 30 Lloyds TSB branches in England, but so far none in Scotland. This month the first Islamic accounts will be offered to customers north of the Border, with an initial roll-out in Glasgow.
Read more...US Government takes over Fannie Mae and Freddie Mac - Herald
The US government took control of mortgage giants Fannie Mae and Freddie Mac on Sunday, placing them in a government "conservatorship" to help avert a financial system meltdown from the housing crisis. Treasury Secretary Henry Paulson announced a ...
Read more...Three Line Whip Blogs - Daily Telegraph Blogs
After the marvellous theatre of the Republican and Democratic conventions, the real world intrudes again in the shape of dismal US economic news. T raders on the floor of the New York Stock Exchange The latest figures show the economy shed 84,000 ...
Read more...Contests and Giveaways - WBKO
Powerful Hurricane Gustav in Gulf after socking Cuba; New Orleans orders evacuation Rescuers Head to Quake Site in Southwest China Rescue teams head to quake site in southwestern China where 22 killed, hundreds injured Hundreds of Thousands of ...
Read more...Andrew Rice - New York Observer
A middle-aged couple, members of the Georgia delegation, discuss the news that Sarah Palin’s teenage daughter Bristol is pregnant. Her: “I guess it’s not so bad if the guy is 17. It’s not like he’s older, right?” Him: “I wouldn’t know ...
Read more...World Bank Should Go With Wolfowitz: Activists - Common Dreams
PENANG, Malaysia - Paul Wolfowitz's fall from grace is symptomatic of the double standards and hypocrisy of the World Bank and strains the marriage between neo-liberal policies and militarism that he embodied, say activists and analysts. Wolfowitz ...
Read more...INDUSTRY NEWS & PEOPLE January 2008 - Business Travel Executive
The Association of Corporate Travel Executives (ACTE) has added two new members to its international team: Ronald Kosmahl, director of global education and research, and Kathleen Brannigan, senior director of global communications. Prior to joining ...
Read more...