Posts Tagged ‘Home Equity’
Home Loan Finance Can be Use for Renovation
There are a number of options available to a homeowner seeking finance to complete a renovation project even if there is a small need for a few thousand dollars to a much larger need. A mortgage refinance may need to be completed to accomplish your construction goals. There are, however, many avenues of home finance open that can be considered.
There is ‘Gold’ in Your Home
Consider using the value that has built up in your home to fund any renovations wanted through an ‘equity’ loan. The amount you may qualify to borrow will be subject to the difference between what you presently owe and what the property is now worth. A ne valuation must be completed, but typically, if you meet the additional borrowing criteria you will more than likely qualify for 80 percent of the property value. This could be a substantial amount depending on how long you have been making repayments and just how much property values in the area have risen.
Creative Home Equity Strategies for Retirement
The baby boom generation is nearing retirement and it is clear that millions of aging boomers are financially under prepared. Reasons are many – poor savings habits, rising medical costs, the demise of guaranteed corporate pensions, and the dreaded squeeze faced by many boomers: i.e. having to pay college costs for their children, care for their elderly parents, and save for retirement, all at the same time.
The outlook is not entirely bleak, however. One bright spot that may help baby-boomers achieve secure a retirement is the record high-level of home ownership and the related growth in home equity. Home equity, the difference between debt owed on a home loan and the value of a home, accounts for at least fifty percent of net wealth for more than half of all U.S. households according to the Survey of Consumer Finance. In much of the country, low interest rates have spurred refinancings and kept housing markets strong, both factors in boosting home equity growth.