Home Equity Loans Pros And Cons
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Home Equity Loans Pros And Cons
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Home equity loans can have many positives. To begin with, you have quick access to cash at a favorable interest rate. Lending institutions generally offer home equities at competitive rates, depending on your credit history and the prevailing interest rate climate. And your loan payment is at least partially offset by the fact that the interest paid on second mortgages is almost always tax deductible.
home equity loans pros
You have other high-rate debt
Mortgage debt carries some of the lowest rates available, and the interest is tax deductible. So if you have untapped equity in your home, you may want to opt for a cash-out refi -- a larger mortgage than you currently have -- and pay off higher rate loans.
You want to be out of debt faster
Refinancing isn't always about cutting your rate. Low-rate periods also create an opportunity for borrowers to shorten their loan terms.
You're paying a high rate or want security
The most obvious refinance candidates are homeowners paying more than 7.75 percent -- which could be the case if you bought between January and December 2000
home equity loans cons
There are a few drawbacks that must also be considered, however. Many homeowners do prefer the fact that the home equity loan comes with a fixed rate; however, that rate is almost always higher than that of a regular 30-year fixed-rate first mortgage because the loan is in the second lien position. This makes the loan somewhat riskier for the lender because, in the event that home values fall and the property is foreclosed upon, they might not be able to recoup all of their investment.
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