Home Equity Line of Credit Statesville NC

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

Dream Weaver Properties
(none given)
765 Bridle Path Farm Road
Cleveland, NC
Dream Weaver Properties
(none given)
765 Bridle Path Farm Road
Cleveland, NC
Village Real Estate Group
704-517-2811
7835 E NC Hwy 150
Terrell, NC
Coldwell Banker United
704-664-5253
311 Williamson Suite 103
Mooresville, NC
RE/MAX at the Lake
704-975-7111
121 Rolling Hill Road
Mooresville, NC
SouthMark Properties, Inc
704.650.9799
133 River Park Road
Mooresville, NC
United Modular Homes Inc
(704) 872-0227
1971 Old Mountain Rd
Statesville, NC
Johnson Realty Co
(704) 873-5474
1321 Dixie Dr Ste A
Statesville, NC
Piedmont Realty
(704) 873-0501
940 Davie Ave Ste B
Statesville, NC
Roberts-Elledge Properties
(704) 878-8858
413 N Center St
Statesville, 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

Dream Weaver Properties

(none given)
765 Bridle Path Farm Road
Cleveland, NC

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