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- 3Home Equity Loans and Lines
- Maintaining Your Home to Retain Value
You've got the kitchen of your dreams and a master bedroom suite that would look right at home in a 5-star hotel. And your gorgeous new exterior paint job is the envy of the neighborhood. Your place looks so great that real estate agents are dropping off their cards telling you how much they could sell your place for, if you felt like putting it on the market.
- Sell it now! Good grief no!
Not after all the remodeling work. But... who knows? In five or six years when the kids are off to college and you and your mate get tired of mowing that big lawn and knocking around in a house built for five but inhabited by two, a downtown condo may look pretty inviting. Face it. At some point in the future, whether it's next year or in 20 years, you're going to want to sell your house. And with all the improvements you've made over the years, you should get a nice return on the sale, assuming you don't let your house fall apart.
- If you've ever asked yourself "What the heck's a HELOC," then you've come to the right place.
There are two types of home equity borrowing:
- Home equity lines of credit and home equity loans
- A HELOC, or Home Equity Line of Credit, is the right to borrow money from a lender up to a certain amount of money. The "line" is a credit line guaranteed by your house, meaning that if you can't live up to the terms of the line, then the lender has a right (after a few nasty letters) to foreclose on your house. Typically HELOCs.
- For example, a borrower might obtain a $75,000 HELOC at "prime plus one." This means that the interest rate is one percentage point higher than the Prime Rate.
