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| Suggested
Uses for Your Home Equity |
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Adding
a room; how should you finance?
Are
you planning to renovate your kitchen? Or
perhaps you are thinking of building a new
patio or deck?
Home renovation costs can add up. You
may need to finance the project. But how?
You could borrow the entire amount at
once with a home improvement loan. That
means using a portion of the money to
pay the contractor's first installment,
and then tucking away the remaining amount
until the project is finished.
One problem. The
amount you tuck away is costing you money. Another problem is estimating the
amount to borrow.
What if the cost of the project goes
up? Or you decide to add some extra features?
Going back to the bank to borrow more
money can add to your total financing
cost.
There is a better
solution.
Use your home equity
line of credit to finance the project.
Borrow the exact amount you need
(up to your available credit line limit),
as many times as you need — whenever
you need — without incurring access
charges and loan processing fees.
Pay the builder once, and then again
throughout the project by simply writing
the amount you need using your equity
line access checks.
And if you find that you need more money
for the extra features, no problem. You
can borrow again up to your available
credit line without speaking to the bank.
You will only pay
interest on the amount you borrow, which is much lower than many other credit
arrangements. And the interest
you pay may be tax deductible — additional cost savings. Speak with your tax advisor
to see if you qualify for the mortgage tax deduction.
You can set your own repayment schedule
by paying the minimum payment each month
or by paying a little extra. It's your
choice.
Using your home equity
line of credit as a "Home Renovator"
gives you total flexibility and control . . . cash as you need it, when
you need it.
Additional
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Can
improving your home increase its value?
You will certainly enjoy a more beautiful
home when you extend your kitchen or landscape
your yard.
Question is, will
making these added improvement increase
the value of your home?
That depends upon many factors such as
the type of renovation and the region
where you live.
As a guide, home renovations
that can add value include:
- improving the kitchen
- adding or remodeling the bathroom
- adding a sun room
- adding a family room on the main floor
- expanding the master bedroom with bath
and/or walk-in closet
Whether these improvements increase the
value of your home or not, one thing is
for certain: you will enjoy the added
space, the improved look, and watching
as your dreams become reality.
So how would you like
to:
How should you
finance your home improvement?
Use your Home Equity
Line of Credit to advance yourself money instantly
to buy materials,
pay a contractor, or pay off existing
home improvement or other debt.
You select your repayment terms: minimum
amount required or an extra amount to
payoff your account balance quickly. You
decide.
You will pay interest only on the funds
that you borrow, which interest rate is
much lower than many other financing arrangements.
And the interest you pay may be tax deductible
— additional cost savings. Speak with your tax advisor
to see if you qualify for the mortgage tax deduction.
Now that's smart financial management!
Additional
Sources:
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Time
to pay off your high interest credit cards
The holiday or vacation season is ending
and guess what's coming?
Your credit card bills.
Are you planning to pay down those charges
over the next few months?
If so, you will be paying a high cost
of borrowing if your credit cards charge
hefty interest rates of 12% or more.
You're smarter
than that.
That is why you plan
to use your Home Equity Line of Credit
to consolidate all of your outstanding
credit card balances.
Your home equity line carries a much lower
interest rate than most credit cards and
other loans. And any interest you pay
may be tax deductible — additional
cost savings. Speak with your tax advisor
to see if you qualify for the mortgage tax deduction.
Use our Debt
Consolidation Worksheet to estimate
your potential savings.
Additional
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Expenses
are a little tight. Any solution?
Times can be tough, especially
when you're hit with unexpected expenses:
- the kids need new clothes
- the medical insurance covers only 80%
- the summer utilities are a little higher
than normal
- your vacation bills are coming due
- you list:____________________ .
You don't want to dip into your hard earned
savings or investments, but the monthly
check simply won't cover all of your expenses
NOW due.
Access your Home Equity
Line account and transfer the amount you
need into your your bank money account.
Use the money account to payoff bills,
advance your child some cash, or buy the
necessary school supplies using the account's
access card.
The interest charges on your home equity
line are much lower than most bank loans
or cash advances from credit cards.
You will only pay interest on the amount
you borrow, not the total amount of your
line. And the interest you pay on your
home equity line qualifies
for tax deductibility — additional
cost savings. Speak with your tax advisor
to see if you qualify for the mortgage tax deduction.
The "Home Renovator"
gives you total flexibility and control
over your equity . . . cash as you need
it, when you need it.
Additional
Sources:
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Basketball
camp starts next week
He can dribble.
He can rebound.
She can defend.
She can score.
What they now need is some professional
coaching from a prestigious basketball
camp.
College scouts will be there looking
. . . analyzing.
But the tuition, fees, housing, and transportation
can add up.
Of course, they're worth it! Their talents
could pay off in scholarships and other
collegiate benefits.
It looks like you will be
calling the bank tomorrow to borrow the
money. Some important questions to consider:
- how much should you borrow?
- what kind of loan should you apply
for?
- should you get an installment loan
for 3 years, 5 years, or 10 years?
- perhaps you should borrow a little
extra to expand the upstairs?
We have a better
way.
Take your Home Equity
Line of Credit and advance yourself money instantly.
You can advance
one amount for the basketball camp and
then another amount when you are ready
for the upstairs. No need to borrow a
large amount at once.
You can advance yourself money as you
need, when you need to, as many times
as you need, up to your available credit
line.
You will only pay interest on the amount
you use, which
interest may be tax deductible. Speak with your tax advisor
to see if you qualify for the mortgage tax deduction.
So if you would like to become
your own banker,
Additional
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