no equity home loan
Using your equity is a good idea
I was working with a good income, but in 1996 I was injured and eventually went on permanent disability. When I got my final settlement and permanent disability income started coming in, I made settlements with my creditors. I now have one credit card that I have paid down to a $6,000 balance, two checking accounts and a guaranteed income totaling approximately $4,200. I need to put siding on my home. I asked the bank that has my home equity loan to increase it by $13,000 so I can pay for the siding. The bank put the interest rate on my credit card at 26 percent because they didn't like my cash to debt ratio even though I've never been late on a payment to them.
They're offering to increase my home equity to $91,000 so I can both pay off my credit card and pay for the siding. They want to charge me 8.8 percent on the loan for 30 years.
More no equity home loan info
Opportunity cost is opportunity lost
Not so long ago, the single family home was simply a structure that one sought for the purpose of a place to live. A slice of the American dream, home was the base of operations from where parents went to work, a place where children grew up and a sense of community was gained from neighbors and friends.As we enter into the summer market of 2006, we may be returning to what was originally the primary reason for buying a home.During those past years, little thought was given to the family home becoming the family nest egg. Over time, loan payments were made, equity grew and with increased demand Napa has experienced sustained periods of price appreciation.
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