Home Equity Line of Credit Massachusetts

This article is going to tell you about one of the most common secured loans, that is the home equity line of credit. This loan amount is based on how much equity you have in your home.

Local Companies

Stonegate Group
(508) 655-1700
83 Speen Street
Natick, MA
The Warren Group
(617) 428-5100
280 Summer Street
Boston, MA
Tishman Speyer Properties
(617) 342-7500
125 High Street, 14th Flr.
Boston, MA
Edens & Avant
(617) 369-6600
21 Custom House Street, Ste. 450
Boston, MA
Saint James Real Estate Advisors
(617) 426-6666
10 High Street, Suite 701
Boston, MA
CB Richard Ellis / N.E. Partners, L.P.
(617) 912-7000
33 Arch Street, 28th Flr.
Boston, MA
Extell Boston Harbor LLC
(617) 737-4440
One International Place, 14th Flr.
Boston, MA
The Congress Group
(617) 897-7200
33 Arch Street, Ste. 2100
Boston, MA
Lincoln Property Company, Inc.
(617) 951-4100
225 Frankin Street, Ste. 2310
Boston, MA
Crowley Associates
(617) 350-6135
355 Congress Street
Boston, MA

Home Equity Line of Credit - Perhaps one of the most common secured loans is the home equity line of credit. This loan amount is based on how much equity you have in your home. Once you take out this type of secured loan, your house becomes collateral. The most positive aspect of a secured home equity loan is that the money you borrow is tax deductible. For instance, if you have $5,000 in credit card debt, you can roll that over into a home equity line of credit. The credit card payments are not tax deductible, but the home equity loan is. In contrast, standard debt consolidation loans are not tax deductible.

Interest Rate Advantages - Another advantage of using a secured loan for debt consolidation is the interest rate. For many people, credit cards are the source of their debt problems. Credit cards have enormous interest rates. Since secured loans are "secured" by collateral, they tend to have significantly lower interest rates.

After discussing the pros, it is important to understand the con of using a secured debt consolidation loan. Again, many people use a house or a car to secure these types of loans. If you happen to default on the loan and cannot make payments, your house or car will be in jeopardy. A house is usually the largest asset someone owns. You do not want to put your most valuable asset at risk.

For some people, debt consolidation is the best option for their financial problems. Be sure to carefully weigh the pros and cons before choosing to use a secured loan for your debt consolidation.

About the Author:

Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans.

View her recommended http://www.abcloanguide.com/debtconsolidation.shtml companies.

Article Source: thePhantomWriters Article Submission Service

Featured Local Company

Stonegate Group

(508) 655-1700
83 Speen Street
Natick, MA

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Related Local Event
Urban Land Institute Spring Council Forum
Dates: 4/14/2010 - 4/16/2010
Location: John B. Hynes Veterans Memorial Convention Center
Boston, MA
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