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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 to Demystify Home Equity and Make It Work for You | BiS ...

Home equity , anyway?” Don’t worry: we’ll start slow, then bring you up to speed so that you have a comprehensive understanding of home equity and its potential uses by the time you’ve finished reading.

 

Defining and Calculating Home Equity

 

Your home equity is an asset based on your home’s interest. Still too vague? Let’s put it this way: home equity is the portion of your home for which you have paid. To calculate your home equity, you’ll need to know the market value of your home, and the outstanding balances on any loans you’re currently paying off on it.

 

There are several ways in which you can discover the current market value of your home, but the most accurate way is probably to hire a professional appraiser. If you’d rather save money though, it’s easy to arrive at an estimate by doing some legwork. Look through the prices of homes in your area that have recently been sold, speak with your local tax assessment office and consider speaking with a realtor in your area to see if they’ll tell you anything about the prices of homes they’ve recently sold. Once you’ve collected enough examples of homes that are similar to yours, you should be able to arrive at a ballpark figure for what your home is currently worth.

Buying a New Home While Selling Your Old One - ZING Blog by ...

It’s a seller’s market out there right now. Tight inventory has led to an environment of rising home values . Homes are coming off the market almost as soon as they can be put on.

If you’re trying to buy a new home while selling your old one, these market conditions lead to a bit of a double-edge sword. If you follow some basic advice that we’ll get into below, you stand a good chance of selling the property that’s in good condition relatively quickly. On the other hand, it may be difficult to find the home that you’re really looking for given the lack of options on the market.

With that in mind, you may be tempted to find your new home before selling your old one. There are different ways to do this. After we touch on these, we’ll move to our best tips for juggling buying and selling at the same time.

Freeing up Temporary Cash

If you’re looking to buy your new home before you close on the sale of your old one, there are couple of ways to free up some of the short-term cash that may be necessary. We’ll go over the pros and cons of a couple of loan options that exist to help with this transition.

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.