Home Equity Refinance Info

Refinance Tip - Equity Line Of Credit

Lenders are always offering some sort of way to finance your home in one way or the other. One of the options available to you might be a equity line of credit.  Creditworthy borrowers can find an initial interest at a good competitive rate.  This rate is determined by the prime rate and therefore susceptible to increase.  Most of the time these type of loans offer payment flexibility options.  Anytime their are flexible payment options helps people with  sporadic income.  And to help with tax time interest paid on an equity line is tax deductible.  When you are talking to various mortgage brokers, ask them if they offer any type of flex payment plans that might suit your needs. Sometimes these flex plans are not always advertised. Knowledge is power, so ask!

Remember this loan is not for everyone.  You might need to quickly refinance to a more traditional mortgage if rates spike.  Having access to your home equity requires financial discipline, so make sure you can handle it.

Pillow Talk this with your partner, or if you are single think it over long and hard to make sure it will work with your budget and your risk tolerance.

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