Home Equity Line of Credit North Carolina

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

Allen Tate Company
(704) 365-6910
6700 Fairview Road
Charlotte, NC
Beck Commercial Properties, Inc.
704-556-9696
4862 Cameron Valley Parkway
Charlotte, NC
Wilkinson and Associates
(704) 493-4547
7704 Arboretum Dr.
Charlotte, NC
Dula Real Estate
(704) 895-1011
18145 West Catawba Avenue
Charlotte, NC
Keystone Partners, LLC
(704) 927-3000
1915 Rexford Road
Charlotte, NC
Madison Commercial Real Esate Services
(732) 905-9400
1125 Ocean Avenue
Charlotte, NC
Prudential Carolinas Real
(704) 366-5545
2901 Coltsgate Road
Charlotte, NC
Prudential Carolinas Realty - Timothy S. Jones
(704) 488-9185
4529 Sharon Road
Charlotte, NC
Sonnenschein Nath & Rosenthal LLP
(704) 972-9000
2100 Rexford Road
Charlotte, NC
Exeter 1031 Exchange Services, LLC
1-866-393-8379
301 N. Main Street
Winston-Salem, NC

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

Allen Tate Company

(704) 365-6910
6700 Fairview Road
Charlotte, NC

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Related Local Event
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Location: Raleigh Regional Association of Realtors
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