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How to Qualify for an FHA Loan
What Is Equity?
How to Determine Home Equity
About Home Loans
When to Refinance Your Home Equity Line of Credit
Best Ways to Pay Off a Home Equity Loan Line of Credit
Compare Home Equity Lines of Credit
Are Home Equity Lines of Credit Tax Deductible?
How Is the Rate Determined for a Home Equity Line of Credit?
How Can a Home Equity Line of Credit Be Beneficial?
What Is a Good Use of a Home Equity Line of Credit?
Penalty for Early Termination on a Home Equity Line of Credit
Why Banks Are Freezing Residential Home Equity Lines of Credit
A home equity line of credit (commonly called a HELOC) can be a very effective alternative to a straight h… More
Establishing corporate credit lines requires starting small with gas cards and working up towards business… More
Receive business lines of credit by contacting local suppliers, visiting the local bank, researching the c… More
Some pros of home equity lines of credit include a lower interest rate and lower fees. Learn about the con… More
A revolving line of credit is money from a credit card, loan or second mortgage that is available for use … More
When looking for a home equity line of credit, consider the repayment period, the interest rate offered on… More
Home equity lines of credit with flex line are set up ahead of time to ensure that the bank is obligated t… More
Wondering how a home equity line of credit works and whether it could help improve your financial picture?… More
Calculating a home equity line of credit starts with determining the value of the property, estimating a f… More
A home equity line of credit can be used for a variety of reasons, including debt consolidations and home … More
There is no relationship between property taxes and lines of credit even if it is a home equity line of cr… More
To get a home equity line of credit, go to a local bank. Learn how to get a home equity line of credit wit… More
To build unsecured lines of credit, accrue a small amount of credit card debt and make timely payments, an… More
Many times you find credit cards that are offering a 0% or a very low interest rate for transferring balan… More
Summary: A home equity line of credit can be used for a variety of reasons, including debt consolidations and home improvements. Discover how home equity lines of credit can be used to pay off student loans with help from a financial specialist in this free video on home loans and money management.
Matthew McKillen brings 21 years of industry experience in arranging loans for his clients. He has worked in financial services senior management positions in mortgage banking...read more
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"Hi, this is Matt McKillen with Innovative Financial Group. I've been asked today what is a good use of a home equity line of credit? A home equity line of credit can be used for a variety of purposes. Generally the first priority that people do with their home equity line of credit is to consolidate all their debts. And these would be non-tax deductible debts or higher rate debts like credit cards, personal loans, auto loans is another good example. And sometimes by consolidating all those loans into one home equity loan payment, a lot of my customers are able to save anywhere from 3, 4, 5, sometimes up to 8 or 900 dollars a month in monthly payments. And it's a lot easy to manage and pay your debt down faster if you're only paying on one loan. Another good reason for a home equity line of credit is to do home improvements. If you're thinking about putting a pool in or if you're thinking about doing an addition or if your home needs repairs like a new roof or a new upgraded plumbing, whatever it may be, or remodeled kitchen. Using the home equity line is basically allowing the home's equity to help increase the value of the property. One last good use, another example, would be for educational expenses. Whether it be to pay off student loans or possibly to pay for future tuition going forward. All of these examples are ways to use, great ways to use a home equity line that are also tax deductible in most cases. Thank you for asking, my name is Matt McKillen with Innovative Financial Group."
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