Loans
What are the Advantages of a Home Equity Loan?
What Does the Word “Equity” Mean? Equity is the difference between your home’s current appraised value and your mortgage balance. For example, if your home appraises for $200,000, and you owe $100,000, your equity is 50 percent. You can also think of it this way: equity is a term used to refer to the market…
Read MoreWhat are the Disadvantages of a Home Equity Loan?
A home equity loan is a type of loan that enables homeowners to borrow money by using their home as collateral. The amount of the loan a borrower is eligible for is determined by the difference between your home’s market value and the remaining mortgage balance. It can be a viable option for people to…
Read MoreHow Does Getting a Home Equity Loan Work
Maybe you have some major home renovation projects on tap this spring now that the weather is improving. Perhaps you’re wanting to pay for your child’s upcoming college tuition. With summer vacation on the horizon, this could be an opportune time to consolidate your debt. No matter which of these options pertains to you, getting…
Read MoreWhat is a Personal Loan Used For?
If you find yourself needing to take out a personal loan, you’re not alone. More than 22 million Americans have a personal loan as of the third quarter of 2022, an increase from 19.9 million people in late 2021. Personal loans are the fastest-growing debt category, according to a 2019 Experian study. The largest portion…
Read MoreCan You Spend a Personal Loan on Anything?
A personal loan can come in handy for many different reasons. You may need to pay for a home repair, or consolidate your debt, etc. And applying for a loan is often a more practical way to access funds in a hurry than simply saving money over a protracted period of time. A personal loan…
Read MoreCar Loan Rules
What are the rules for car loans? The most fun and exciting part of purchasing a new or used car is the time leading up to the buying as you ponder which vehicle you’ll want. You give lots of thought to the design, the aerodynamics, the color, roominess, and the horsepower. You’ll also think about…
Read MoreHow Do Auto Loans Work?
If you are like many other car buyers, you will probably be planning to apply for a loan. Auto loans are almost the only way to be able to afford to purchase a car these days, as vehicle costs have soared in the past few years. For example, the average price for a new vehicle…
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