A home equity loan is a type of loan in which the borrower uses the equity of his or her home as collateral. The loan amount is determined by the value of the property, and the value of the property is determined by an appraiser from the lending institution. Home...
It’s not wise to make any huge purchases or move your money around three to six months before buying a new home. You don’t want to take any big chances with your credit profile. Lenders need to see that you’re reliable and they want a complete paper trail so that they...
There is a specific difference between a home equity loan and a home equity line of credit. A HELOC is a line of revolving credit with an adjustable interest rate whereas a home equity loan is a onetime lump-sum. With a HELOC the borrower can choose when and how often...
It is critical to respond to counteroffers as soon as possible and to avoid making a counteroffer with any term that is not truly a deal breaker. Delays in responding leave space open for another buyer to step in and create a bidding war, or even more likely, for the...
You’ve scouted out the best mortgage rate and fought hard to get the best price on your new home. But your bargaining shouldn’t stop there. 1.1 million new households were formed during the third quarter of 2016, according to the U.S. Census Bureau. This figure...
