The Pros and Cons of a Home Equity Loan

What is a home equity loan?

A home equity loan is a loan in which the lender uses your home as collateral to let you borrow money. If you can’t repay your loan, your lender can seize your property to get its money back. On the upside, they’re easy to qualify for and usually have low-interest rates. 

To determine how much equity you have, you’ll need to see what your home is worth and compare that number to your outstanding mortgage balance. The difference is your equity.

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For example, if your home is valued at $200,000 and you owe $150,000 on your mortgage loan, you have $50,000 of equity in that property. That’s 25% equity. Generally, you need at least 20% equity to borrow against your home with a home equity loan or home equity line of credit (HELOC).

Your home equity loan works just like any other loan you pay back the principal amount you borrowed and interest at a fixed rate over a preset period until your balance is gone. Benefits of a home equity loan

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One major advantage of using the equity in your home to secure a loan is that it’s easy to qualify. If you have equity, a lender will generally approve your loan application, knowing it can use your home as collateral. With an unsecured loan, like a personal loan, you won’t qualify unless you have a good credit score because there’s no collateral. 

Not only are home equity loans easy to qualify for, but they also tend to come with low-interest rates. As such, they’re an affordable way to borrow. Credit cards and personal loans, on the other hand, tend to charge higher interest rates. 

Home equity loans are also flexible you’re not limited to home improvements or repairs. You can take out a home equity loan to help pay for college, for example. The only catch is that if you use your home equity loan for a purpose other than improving your property, you won’t be eligible to deduct the loan interest on your taxes. But you can’t deduct most types of loan interest, so that’s not really a deal-breaker. Drawbacks of a home equity loan for aerial photography

Although there are plenty of good reasons to take out a home equity loan, there are some negatives as well. First of all, if you don’t make your payments, you risk losing your home. That’s a serious business. 

Furthermore, you may run into problems if you have an outstanding home equity loan but need to sell your home. Although you are allowed to put your home up for sale with an outstanding loan attached to it, you’ll need to sell it for a high enough price to pay off your balance. If you don’t, you’ll need to negotiate with your lender to resolve the issue at hand, which could involve converting your home equity loan to a different type of loan with less favorable terms. 

Also, having a home equity loan in place could mean facing certain restrictions on your home. For example, your lender might prohibit you from renting out your home while that loan is being repaid. Alternatives to a home equity loan

A home equity loan isn’t your only option when you need cash. Another option to consider is a HELOC, which gives you access to money that you can tap during a predetermined draw period. The upside of this route is that you’re not committing to borrowing the entire sum, so you don’t automatically have to start paying interest on it. 

Imagine you’re looking at what you think will be a $30,000 home repair. If you take out a $30,000 home equity loan, you’ll be on the hook for interest on that entire $30,000. However, if you secure a $30,000 HELOC, but your repair only winds up costing $25,000, you’ll avoid paying interest on the remaining $5,000 (assuming you don’t borrow it for another purpose).

Another route you can take when you need money is a cash-out refinance. This involves refinancing your mortgage to a new loan — ideally, one with a lower interest rate. But you borrow more than the sum of your outstanding home loan balance. That way, you get the difference in cash and use that money as you please. 

For example, if you owe $150,000 on your mortgage but do a cash-out refinance, you might take out a new loan worth $180,000. The first $150,000 of that will replace your existing mortgage balance, but the remaining $30,000 can be given to you so you can use it immediately. Is a home equity loan right for you?

Because there are pros and cons to taking out a home equity loan, your best bet may be to price out a few different financing options and see which makes the most sense.

If you have a steady job and borrow a reasonable amount against your home, the concern of falling behind on those loan payments and losing your home may not be so pressing, in which case a home equity loan could be your most affordable ticket to accessing the cash you need. Weigh your options carefully before rushing to sign those papers.

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How to Fix Broken Concrete Driveways and Patios with Repair Products

Leading supplier of concrete floor and driveway repair products, Capital Industries, shares tips on how to fix broken driveway concrete with repair products.

Throughout the years, most patios and driveways will develop cracks. Depending on local weather conditions, these could be caused by winter’s freezing and thawing cycles, tree roots, and settling of the concrete foundation due to the movement underground. However, instead of pouring a new driveway or patio concrete slab, consider repairing the cracks with concrete driveway crack filler and repair products. Here are some tips on what to look for and how to fix broken concrete.

What to Look For

Often, smaller cracks will be an indication of settling and sometimes larger problems under the concrete foundation. Try to notice and repair small cracks right away so they don’t develop into larger cracks over time.

Even if the concrete has seen rough weather through frosts and thaws, has surface-level cracks or even potholes, it can still be repaired with a patio or driveway concrete repair product. If the concrete is broken all the way through with deep cracks or has split in two, the concrete may need to be removed or re-poured.

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Prepare the Crack for Repair

Before pouring concrete repair products over the crack, it needs to be prepared. Use a hammer or chisel to clear the crack of any loose chips. Any loose concrete should be removed. Clear any dirt and debris off the crack area. The surface should be free from any oil, grease, paint, corrosion, dust, or other surface contaminants.

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What Product to Use

FP-300 is a high strength patio and driveway concrete repair product that is designed to use when leveling, resurfacing or patching concrete surfaces. It can be used for concrete floors, driveways, and patios.

With a trowel or screed, smooth the FP-300 across the surface and into the crack of the concrete. Finish smooth with a trowel, wood or sponge float. If desired, use a broom for a rough finish.

If the concrete crack repair is more than ½ inch in thickness, Capital Industries recommends using FP-400.

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Capital Industries, Inc. is a leading supplier of commercial and industrial concrete repair products. For over 30 years, we have proudly serviced contractors, factories, warehouses and distribution centers for industrial, institutional and commercial customers. We carry a full range of concrete repair materials, including those specifically designed for low-temperature areas such as freezers and coolers.

Our floor repair products are rapid hardening, allowing you to reopen repaired areas with minimal downtime. All of our products are designed to be used by in-house maintenance personnel and come with an ironclad 100 percent guarantee of satisfaction.

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Asphalt Paving Professionals – Make Certain of a Top-Quality Paved Driveway

That does not, nevertheless, imply that such professionals do not take up reasonably tiny tasks like property car park whole lots, driveways, and condominium systems. The complying with suggestions will certainly aid to acquire top quality job and selecting a reputable asphalt paving specialist:

* Their names must be provided in the phonebook or online.

* They must have an insurance coverage certification to their name.

* They must have some images connected to their previous tasks as well as job areas.

* They must have a host of endorsements to their credit scores.

These qualifications need to be located quickly today by many service providers. After that just how can you identify the ideal from the not-so-good ones?

* Are they knowledgeable about the most up to date methods and modern technologies?

* What sort of customer support they give prior to or after the work is done?

* Do they supply any kind of sort of value-added solutions?

* What is the interaction procedure they adhere to with their customers?

* What is their meaning of top quality of the items or/and the solutions they use?

* Do they have well-appointed sales workers that can supply clear advantages in addition to choices of different techniques that they embrace in the direction of repair service?

* For how long they have remained in business?

Select specialists, that are widely known for their high quality – Exactly how can you make sure that the specialist you’re choosing is a dependable one?

Demand a composed contract – If the service provider is using you some sort of warranty with his job, see to it you have it in the kind of a composed arrangement. Hold back a reasonable section of the work quantity till you make certain the high quality of the task matches your assumptions if feasible.

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In the meanwhile, you must plainly recognize whether all the specialists are making use of the very same items for the work. If a specialist is supplying a noticeably reduced price, after that you should very carefully look at the kind of items, they are making use of for the task.

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Saving Strategies that work

Spare naturally through a month to month move from checking to reserve funds, in a perfect world not long after you are paid. What you don’t see, you most likely won’t miss. These investment funds will give assets to crises, home buy, school educational cost, or even retirement. Practically all financial organizations will, on solicitation, naturally move supports month to month from your financial records to an investment account.

Make a Budget

A spending limit resembles an eating regimen for your cash. You make one by making sense of exactly the amount you make every month. At that point, in light of that figure, you work out the amount you can bear to spend on various things lodging, sustenance, transportation, etc. When you recognize what you can bear to spend in every classification, you attempt to adhere as far as possible consistently.

Track your spending

First of all. On the off chance that you need to set aside more cash and spend less of it, you need to know where that cash is going in any case. Web-based planning instruments like Mint, You Need a Budget, or Personal Capital makes it simple to follow your spending.

Peruse the fine print. Audit your bills cautiously, including your financial records. Mistakes in charging cost clients a huge number of dollars every year. Additionally, in this new period of guarantees included with each real buy, read the fine print cautiously, and purchase just what will be profitable for those items destined to need administration.

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