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Chase Platinum Visa Business Card
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 Issuer: Chase Manhattan Bank
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Recently, a large number of lenders are coming forward to offer home equity lines of credit. This is due to the gradual rise in the market value of homes. A home equity line of credit allows the borrower to qualify for a considerable amount of credit that they can use at any given time and at a surprisingly low rate of interest. It sounds tempting, but when you are putting your home on the line, you might want to know all about home equity lines of credit before making such an important decision.

To simplify things, a home equity line of credit may be compared to using a credit card where you would have an upper spending limit against which you can draw as necessary. However, the primary difference is that the credit the borrower uses in home equity lines of credit is secured by the equity in their home. Also, since the debt is secured by the home, the borrower can also claim the interest they pay as a tax deduction, depending upon the tax law where they live and their certain situation.

A home equity line of credit can be used to pay off large expenses such as medical bills, college tuition, etc. This is because the home is often the largest asset and one does not want to put it on the line for minor expenses.

In a home equity line of credit, a person is entitled to receive a fixed amount of credit that is defined as a credit limit. Most lenders set the credit limit by taking a percentage of the home’s appraised value minus the balance to be paid on the existing mortgage.

In order to determine the actual credit limit, the lender will also take into consideration ones ability to repay the credit by assessing their income, financial obligations, debts and credit history.

There is a set period of time in home equity lines of credit in which one may borrow money, for instance 15 years. They may be permitted to use the credit line up to the end of the grace period set by the lender. The home owner can only borrow more money if their plan allows renewals.

Once approved for a home equity line of credit, they will be able to borrow up to their credit limit. Generally, special checks can be used to draw money. A credit card can also be used. There are some requirements as to how people do this. For instance, one may not be allowed to borrow less that $300 at any one time and the borrower may also have to maintain a minimum outstanding balance. In other plans, the borrower may also need to have an initial advance once the line is set up.

When looking for a home equity line of credit, try to find one that suits a specific situation the best. The borrower must read the credit agreement carefully and analyze the terms and conditions of various plans, including the APR, or the Annual Percentage Rate, and the cost of creating the plan. Once a comparison of these aspects from among various lenders has been completed, then the borrower can choose the type of plan and lender that is best.


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  • Avoiding PMI Payments

    The only way to avoid PMI is to make a cash down payment of 20% or more when you buy a house unless your mortgage is going to be origianted through a sub-prime lenders. This money may come from your savings or from a gift from a relative. You may also be able to borrow against your 401(k) retirement plan to raise the down payment needed. (However this option may have long term effects to your financial future and may not be your best option.)

    In lieu of a 20% cash down payment, consider these options:

    Private Mortgage Insurance (PMI)

    While it increases your payment, PMI may in fact be your best option to obtaining a house. After all, PMI often can be canceled within two or three years and some PMI programs even allow you to collect a refund of some premiums upon canceling. PMI is especially attractive in areas where the property values are steadily increasing.

    Lender-paid Mortgage Insurance (MI)

    Another method of buying a house with less than 20% down is Lender-paid MI. With this MI program the lender pays for the MI premium while the borrower in turn often receives a slightly higher interest rate, usually a quarter-percent. While this slightly higher-interest rate is for the life of the loan, it often results in a lower monthly payment than taking out two loans (piggy back loans, described below), and reduces the costs of closing two loans. The interest paid on this slightly higher rate loan would be tax deductible. Lender-paid MI cannot be cancelled.

    Piggy Back Loan A piggyback loan structure is another way to buy a home without making a 20% down payment and without mortgage insurance (MI). In effect, the borrower is taking out two separate loans - one “piggybacked” onto the other - so you will have two loan payments each month. For example, the first loan could be 80% of the total amount and the second loan for the remaining 20%, and considered to be your down payment amount. The second loan is generally at a higher rate than the first. Many times, the second loan has a variable interest rate, which means it can fluctuate, causing your payment to fluctuate. The most common piggy back loan combinations are:

    80-10-10: Eighty percent first loan, 10 percent second (piggy back) loan, 10 percent cash down payment.

    80-15-5: Eighty percent first loan, 15 percent second loan, 5 percent cash down payment.

    80-20: Eighty percent first loan, 20 percent second loan, no cash down payment.

    Like Lender-paid MI you receive full tax deductibility as the interest on the second mortgage is usually tax-deductible. However, you cannot cancel your second loan – you must pay it off in full or the balance due will be deducted from your proceeds when you sell the home.


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  • Tired of high charges? Find the best database for credit cards! Read the fine print and find the Annual Percentage Rate (APR). This is the interest rate the companies charge you if you carry a balance. You want the lowest rate possible; as each percentage point drop will save you money on the months you have an outstanding balance.