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Advantage Home Equity

Using Home Equity to Your Advantage

What rate of return is the bank paying you for the equity in your home? Zip Zero Zilch! Use the equity to pay off high interest credit cards ...

How Home Equity Lenders Must Beat Back Online Threats

Online Credit Appeals to Appetite for Convenience

Convenience weighs heavily in the personal loan versus HELOC battle, according to J.D. Power. Overall consumer satisfaction with personal loan providers is significantly higher than for HELOC lenders, the researchers found. The personal loan process is most commonly a digital one, with two out of five applicants applying entirely online. Among the top institutions in the home equity satisfaction study, several allowed the process to at least start online, but others made it clear HELOCs should be applied for at a branch.

“Overall satisfaction is highest among personal loan customers in the digital-only segment, which also has the highest percentage of applicants who indicate that they completely understood the application (91%),” the research notes. J.D. Power finds that such understanding represents a big chunk of the satisfaction rankings. The firm warns that as satisfaction with the online personal loans grows that this will bring increased referrals for them versus HELOCS.

Best credit cards to use in place of a home equity loan

Under the Tax Cuts and Jobs Act of 2017 (TCJA) , interest charges from home equity loans and HELOCs may no longer be tax-deductible.

The tax law changes make top-tier rewards credit cards an enticing alternative to home equity loans or HELOCs — depending on how you plan to spend the money. If you qualify for a 0% introductory interest rate for 12 to 18 months or more, you may be able to consolidate high-interest debt, pay for that dream vacation or remodel your home with no closing costs or added fees — and earn cash back, too.

Understanding how the TCJA may affect your home equity loan plans

In prior years, homeowners could take out a home equity loan or HELOC and deduct the entire amount of interest paid on the loan, the same way they deduct mortgage interest. Under the TCJA, taxpayers can still deduct interest on up to $750,000 of their mortgage debt for a first and/or second home.

But if you refinance your home, the new interest payments may not be tax-deductible. Under the TCJA, interest on a home equity loan or a HELOC, or a cash-out refinance, is tax deductible only if you are using the funds to substantially repair, remodel or improve that home.

Any advantage between joint and single home equity lines?

Me and my wife are thinking about it, but not sure if to go with joint or single? What are pros and cons?

TAGS: Mortgages, Home Loan, Bank, Banking, Finance.

It's an equity line. It HAS to be titled at least in the same manner as the house. If the house is a joint ownership then so WILL the loan. They will demand all owners pledge to the loan.

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