Borrowing Against Your Home Equity
Borrowing against your home equity looks good on paper. But don't do so, unless it's a dire emergency, such as a medical emergency. It shouldn't be done as you'll be putting yourself more in debt. For if you were to want or need to sell your house, you'd not be making any profit and your mortgage lender will end up with the money you make off the sale.
By Terri from NV
Feedback
Read feedback for this post below.
By Linda (Guest Post)
06/27/2008
You will receive any excess of the payoff of the mortgage when you sell your home. It doesn't all go to the lender. You may also get more for your home if you invest in upgrades and improvements with borrowed money.
By
01/02/2006
To say that your mortgage lender will end up with your profits, is a misnomer. Better to say that you must take responsibility for your loans, since you'll be forced pay them back before you get to count any possible profit from the sale.
Related
Post Feedback
Your thoughts are welcomed and appreciated.
Enter your feedback here!
Like ThriftyFun on Facebook
By Linda (Guest Post)
06/27/2008
Like ThriftyFun on Facebook
