What is a home equity loan?
Home equity loan is where you borrow money against your home. If you get a home equity loan, you are risking the roof over your family. This is your home, your shelter! It is a stupid practice to borrow more than your home is worth. Many publications have said home equity loans are the next big downfall of the consumer. The truth is that you cannot borrow your way out of debt! The way you get out of debt is by changing your habits. You need to commit to get on a written game plan and stick to it. Maybe even getting an extra job and start paying off the debt would be a good idea for your situation. Living on less than you make is a key factor. It is not rocket science; it’s just basic common sense mixed with disciplined behavior.
A home equity loan is where you borrow money against your home. If you get a home equity loan, you are risking the roof over your family. This is your home, your shelter! It is a stupid practice to borrow more than your home is worth. Many publications have said home equity loans are the next big downfall of the consumer. The truth is that you cannot borrow your way out of debt! The way you get out of debt is by changing your habits. You need to commit to get on a written game plan and stick to it. Maybe even getting an extra job and start paying off the debt would be a good idea for your situation. Living on less than you make is a key factor. It is not rocket science; it’s just basic common sense mixed with disciplined behavior. Get started now!
A Home Equity Loan allows homeowners to borrow against the equity in their property. Equity is the value of a homeowner’s interest in real estate. Homeowners often apply for this type of loan to make home improvements or to pay college tuition or pay off debt. Home Equity Loans (also known as second mortgages) typically have a fixed-rate, but PFFCU does have a 20-Year Adjustable-Rate Home Equity Loan.
