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Along these same lines there is another method to access your equity yet not have to take it in one lump sum. You can request a line of credit from your bank. The equity from your home becomes the collateral for your loan.
This advice applies to any mortgage whether it for buying a house, refinancing [link widoczny dla zalogowanych], or obtaining a line of credit, or equity 2nd.
Without a doubt a line of credit loan has several advantages. You have the money available when you need it but don't have pay interest on it if you don't use it. Any costs to establish a line of credit are usually small versus refinancing which usually includes origination fees and closing costs.
Here is an example. Suppose you bought your home for $200,000 using a mortgage of $160,000. Since you purchased, the house has appreciated to $350,000 while you have paid down the balance to $150,000. Potentially you have equity of $200,000 that you may borrow against.
Finally, a line of credit, sometimes called an LOC [link widoczny dla zalogowanych], can be repaid easily but you still have the option of accessing the LOC again without a new application being formally submitted. The costs are also significantly lower versus a personal loan or credit card.
You probably recall the benefit that follows relates to selling a house tax-free. Individuals may be able to exclude up to $250,000 from tax liability due to the sale of a house or up to $500,000 if a married couple. By meeting the ownership test and the use test, it is possible to enjoy such an incredible benefit. The tax-free sale is in and of itself sufficient cause to add buying a house to the smart financial plan.
Other methods include applying for a 2nd mortgage sometimes referred to as an equity loan or home improvement loan. A favorite is the 15 year fixed rate although do not assume this as there are many variations. Rely on yourself to find out the terms of the 2nd mortgage such as payments, lump sums of money due later on in the loan, and whether the interest rate is fixed for life.
Even though using a home in the manner described here may result in tax savings, consider the cost to refinancing. Banks are in the business of making money as are all mortgage lenders. Whether you decide to refinance your 1st mortgage entirely, apply for a line of credit, or acquire a 2nd mortgage, you must be sure you understand completely what closing costs will be incurred, what is the period for the loan to be repaid, and what interest rate you will receive. In addition you must
The further you go in life, the more you're starting to feel like buying a house certainly provides serious tax shelter advantages.
This third tip is amazing. The next benefit you can enjoy from buying a house is the ability to borrow tax-free against home equity without having to sell your house.
Also notice there are several ways to do this that you should discuss with your financial advisers and mortgage lender. You may choose to refinance the entire amount of the mortgage balance plus cash out, taking advantage of any additional equity you want to borrow against. During times of declining rates [link widoczny dla zalogowanych], you might even end up with a lower monthly payment.
Accordingly, when your house appreciates in value you create equity in your home over and above the original loan amount for the mortgage. Over the years you also pay down the mortgage, freeing up more equity. You are then free to borrow against that equity.
Rare thinking people like you already know that the ability to borrow by taking advantage of the equity in your home is an important one. If you live in the United States, buying a house should be a priority of your personal financial plan because of the opportunity to shelter income from taxes.
Tip number one already discussed how expenses related to home ownership can be tax deductible. Two large deductions of owning a home are the mortgage interest deduction and the property tax deduction. It is easy to look at these deductions as the government helping to pay for the cost of owing or buying a house.
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