Archive | December, 2015

Tapping Your Home’s Equity

iStock_000010817275_Tap into equityThere are several ways to tap your home’s equity. One is to take out a home equity line of credit (HELOC). A credit line will have a variable interest rate, but you pay interest only on the amount you use. Ideally, you should draw from your credit line and then pay some or all of the balance before drawing against the credit line again.
A home equity line is often less expensive than higher-rate borrowing options such as credit cards – and the interest may be tax deductible.* Read More

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What Determines How Much I Qualify For?

How Much Mortgage Do I Qualify ForIn addition to prevailing interest rates, how much you make in relation to how much debt you have will dictate how large a mortgage you will qualify for. Debt can trip up many would-be homebuyers, even those who make a good salary and have money for a down payment. The amount of money you will qualify to borrow is based on your total debt in relation to your total income. Read More

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