Home Equity Lines Of Credit - An Open Future
What should you be looking for if you want to take out home equity lines of credit?
- Flexibility - you are not sure how much of your home equity you want to access, and you aren't quite sure when you will need the money.
- Affordability - a quick glance at home equity line of credit rates will show you how much more affordable these loans are than traditional equity loans.
- Accountability - you want control, you want the reigns and you want to be responsible for your financial decisions.
With Mortgage Key our clients receive a huge head start over the other home owners applying for home equity lines of credit. We give you more contacts, more options and more information so you can make a stronger decision on these flexible, affordable, accountable equity loans.
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Accountability in home equity lines of credit
Its easy enough to understand the flexibility and affordability of home equity lines of credit - but accountability? What do we mean? Well, accountability stems from the affordable flexibility of these tools. Put another way, you are in control for the amount, use, and repayment of these home equity lines of credit, and from day one you will have to make important decisions regarding your financial future:
- You choose when to access the money and how much you want to access at a specific time.
- You decide when you want to start repayments - usually the first ten years of a HELOC are interest only, adjustable rate terms. You don't have to repay any of the loan principal, but it will help if you get started early.
- Finally, its on your head if you spend more or less than you initially planned - a $50K HELOC means you can take out up to $50k, you do not need to access that amount.
The risk is almost completely on your shoulders when you apply for a home equity line of credit, making them affordable, flexible, powerful opportunities for the tenacious and money conscious home owner.