MoneyWisdom Blog

7 Questions to Ask When Borrowing Home Equity

Posted by Hanscom Federal Credit Union on Nov 30, 2016 8:30:00 AM

When reviewing lenders for home equity borrowing, ask questions. Products vary greatly between financial institutions, and understanding the pros and cons of each will help you make the right choice. Ideally, you should interview several lenders to understand the variety of home equity products on the market and what is required of each.

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Topics: Home Equity

5 Things to Know About Home Equity

Posted by Hanscom Federal Credit Union on Nov 28, 2016 7:00:00 AM

If you are looking to tap into the equity of your home, spend some time doing your homework. Understand the pros and cons of loan products on the market and how each might impact you. To get you started, we share some of the most popular questions (with answers!) that we get about home equity.

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Topics: Home Equity

How do I qualify for a home equity line of credit?

Posted by Hanscom Federal Credit Union on Nov 25, 2016 10:12:00 AM

A home equity line of credit (HELOC) is a credit line established against the equity in your home. It allows you to borrow as needed. To qualify for a HELOC, you will have to show that you have available equity in your home. Lenders commonly restrict borrowing amounts to 85 percent of the home’s appraised value minus any mortgage(s) on the home.

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Topics: Home Equity

How do homeowners use home equity?

Posted by Hanscom Federal Credit Union on Nov 23, 2016 7:00:00 AM

Rising residential real estate values have birthed an increase in home equity for American homeowners, and many are taking advantage of this fresh source of revenue. In fact, NerdWallet reports that lenders handed out $156 billion in home equity lines of credit (HELOCs) in 2015, a 24% rise from a year earlier and a 138% rise from 2010.

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Topics: Home Equity

What is home equity?

Posted by Hanscom Federal Credit Union on Nov 21, 2016 3:25:20 PM

Home equity is the difference between the appraised value of your home and any current mortgage balance(s). For example, if your home is currently appraised at $325,000 and you owe $200,000 on your mortgage, your home holds $125,000 in equity. As the value of your home increases and you continue to pay down your mortgage, the equity in your home increases.

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Topics: Home Equity

Using Home Equity to Pay for School

Posted by Hanscom Federal Credit Union on Jul 13, 2016 11:21:38 AM


put your equity to work

Looking for ways to pay for your children’s college? Thanks to lower interest rates and potential tax advantages, a 3 in 1 Advantage Plan can be an economical and convenient choice.

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Topics: Home Equity, College

Grow Your Home’s Value With Landscaping

Posted by Hanscom Federal Credit Union on Jul 15, 2015 7:30:00 AM

If you want to expand your home’s living space, increase its value, improve its functionality, beauty and enjoyment, you just need to open the door and look outside at the potential awaiting you – right in your own yard.

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Topics: Home Equity

Dam Ice! 6 Steps to Cleaning Up After Water Damage

Posted by MaryJo Kurtz on Feb 20, 2015 3:10:00 PM

Buckets_of_FunIn the past month, Mother Nature has turned on New England with such a lashing that we suspect she is a Seahawks fan. Snow, ice and rain have homeowners scrambling to stay ahead of growing ice dams. We are raking, salting, picking and scraping at gutter ice. Yet, despite our efforts to avoid home damage, many of us are also cleaning up water damage inside of our homes.

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Topics: Home Equity

Rising Home Values Fuel Interest in HELOCs

Posted by MaryJo Kurtz on Feb 11, 2015 2:36:00 PM

Now that home prices are starting to climb, homeowners are tapping into the equity of their homes at an increasing rate.

“In 2014, Hanscom Federal Credit Union opened over 1,300 HELOCs (Home Equity Line of Credit),” said Tom Becker, Senior Vice President of Lending. “That’s an increase of nearly seven percent over 2013.”

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Topics: Home Equity

Home Equity Lines of Credit - Better Safe than Sorry!

Posted by Josh Paul on Feb 9, 2015 9:57:27 AM

You’ve seen and heard all the ads: “Get a HELOC Today!”, “Make Your Home Work for You!” or “You’re Sitting on a Pile of Cash!”

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Topics: Use your home equity wisely, Home Equity

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