From TexAgs Sponsor, Aggieland Credit Union:
With a home equity loan you borrow against the equity in your home. In other words, the amount of the loan is partially based on the difference between the value of your home and how much you owe on the mortgage(s).
Lenders use the equity, in addition to your credit score and income, to determine how much of a loan you will get. The longer you pay down the mortgage and the more your home appreciates in value, the more equity you build up in the home and the larger a home equity loan you may qualify for.
Just beware: You are putting up your home as collateral on the home equity loan, so if you do not pay it off, the bank can take your home.
You can use a home equity loan for most anything you want. Many people use it to do repairs or upgrades on their homes, pay for their kids’ college or pay off high-interest debt (often, the interest rates on these loans are much lower than rates on credit cards, so this can make financial sense if you’re careful).
Aggieland Credit Union is offering home equity loan rates as low as 3.25% APR* until June 30th. So what would you do with a home equity loan?
*APR is Annual Percentage Rate. Stated rate is for new loans only. Minimum $10,000 new cash. Actual rate may vary depending on credit qualifications. No additional rate discounts apply. Terms and conditions apply.
Source: www.zillow.com
With a home equity loan you borrow against the equity in your home. In other words, the amount of the loan is partially based on the difference between the value of your home and how much you owe on the mortgage(s).
Lenders use the equity, in addition to your credit score and income, to determine how much of a loan you will get. The longer you pay down the mortgage and the more your home appreciates in value, the more equity you build up in the home and the larger a home equity loan you may qualify for.
Just beware: You are putting up your home as collateral on the home equity loan, so if you do not pay it off, the bank can take your home.
You can use a home equity loan for most anything you want. Many people use it to do repairs or upgrades on their homes, pay for their kids’ college or pay off high-interest debt (often, the interest rates on these loans are much lower than rates on credit cards, so this can make financial sense if you’re careful).
Aggieland Credit Union is offering home equity loan rates as low as 3.25% APR* until June 30th. So what would you do with a home equity loan?
*APR is Annual Percentage Rate. Stated rate is for new loans only. Minimum $10,000 new cash. Actual rate may vary depending on credit qualifications. No additional rate discounts apply. Terms and conditions apply.
Source: www.zillow.com