home equity loans

An equity loan exists for the purpose of combating the damages that "time" inevitably unleashes upon your home. Home improvements are unavoidable and can often times leave a large hole in your wallet. For those jobs that do require a large sum of money, home equity loans offer a logical, workable solution. Equity simply sits throughout the home untouched until the home is sold. Therefore, tapping into this line of credit simply makes sense, especially considering that the improvements are only going to increase the value of the home.

Equity can be easily broken down as the difference between the remaining balance of your mortgage and the appraised value of your home. So, if you have $50,000 remaining on your mortgage and the appraised value of your home is $100,000, then there is $50,000 in equity. A percentage of that $50,000, usually 80%, sometimes as high as 90%, would then be offered by the lender/creditor. Another positive externality associated with equity is that the interest payments made on the equity are deductible on Federal Income Taxes. (This is only to a certain extent however) A home equity loan is simply a smart solution to financing home improvement.

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