Home Equity Loans and Home Mortgage Resources

Below are some commonly asked questions regarding Home Equity Loans as well as other important information you need to know to get the best home loan for your needs.

What is home equity?

Home Equity is the difference between what your home would sell for (the fair market value of your home) and existing balance on your current home's mortgage(s).

Do you have equity in your home?

If your answer is "yes" to any of the questions below, it is likely that you have equity in your home.

• Has the value of the homes around your area increased recently?
• Did you put a down payment when you purchased your home?
• Do you owe less on your mortgages than the value of your home?

Can you borrow against your home's equity?

Yes! Home equity is allows you to tap into the value in your home without having to sell it. In recent years, borrowing against the value (equity) of a home has increased popular due to the historically low interest rates and the fact that it offers great tax deduction potential.

What are the benifits of getting a home equity loan?

• Lower Interest Rates - Compared with credit cards and similar loan products, Home Equity Loans offer a much lower interst rate
• Savings - With a lower interest rates and the tax savings, a Home Equity Loan can save you thousands of dollars in interest

Is interest on your credit cards or other loans tax deductible?

There is an excellent chance that your interest can be deductable, you should consult your tax advisor to learn more.