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Homeowners who need additional funds to pay for college, buy a second home, consolidate high-interest debt, or pay for a special event often find themselves unnecessarily stumped by the question “How am I going to pay for this?” Many homeowners can avoid accessing savings or borrowing against a retirement account to pay for these and other expenses. They can do so by tapping into the equity in their home.
A home appraisal is an impartial evaluation of a home’s value performed by a professional appraiser. What an appraisal allows a bank to do is confirm that the value of your home is more than the outstanding balance on your mortgage plus the amount you are looking to borrow on your Home Equity Line of Credit.
Let’s look at what debt consolidation is and how it can help you get out of debt faster.
Interest rates are driven by the Federal Reserve, also known as The Fed, which is the central banking system of the United States. They set the Federal Funds Rate, which in simplest terms, is the rate at which depository institutions lend each other money.
A draw period is the period of time you can access funds available on a Home Equity Line of Credit. It can vary from bank to bank and even from product to product and is typically in a range of 10-25 years.
We’ll show you what home equity is and how you can use it to access low-cost financing through a home equity loan or home equity line of credit.
Homeownership has its advantages. Saying “goodbye” to renting often means saying “hello” to increased square footage, stable housing payments, and potential tax benefits. It also provides an opportunity to build equity, the difference between the mortgage balance and the market value of the home, in an appreciating asset. The good news gets even better when homeowners learn they don’t have to sell their homes to access that equity. They can use a home equity line of credit to access the cash value in their homes today.
With interest rates rising, like they have over the past year, borrowers with variable rate Home Equity Lines of Credit tend to start thinking about how they can convert to a fixed rate to avoid further increases in the interest they have to pay on their outstanding balance.
A question we are commonly asked by people looking to borrow with the ENB HomeLine is…what is Loan to Value Ratio? People notice the terminology in advertising disclosures and elsewhere, but often don’t know what it means. We explain in our latest blog.
In our most recent online poll, we asked our customers: what is preventing you from applying for a Home Equity Loan or Line of Credit?
