2007-01-25 05:56:20 · 5 answers · asked by Traci H 1 in Business & Finance ➔ Personal Finance
NOT. If you lose your job for any reason, then you lose your HOME. A Home Equity loan is the same as a Home Loan when you use the HOME for EQUITY in case of default. BETTER to SAVE up for things as you can, AS YOU GO!! WHATEVER it takes.
2007-01-25 06:10:21 · answer #1 · answered by thewordofgodisjesus 5 · 1⤊ 0⤋
Depends on the reasons. If you have a lot of bills and you're consolidating, it CAN be wise. If you itemize your taxes, the interest on a home equity loan is tax deductible, whereas the interest on a car loan, credit card, etc is not. But... it's also a riskier loan. If you dont' make the payments, they can take your house.
If you DO get a home equity loan, look for a fixed rate. Otherwise your payments and interest rate can increase each month.
2007-01-25 14:06:38 · answer #2 · answered by kittikatti69 4 · 1⤊ 0⤋
only if you invest it wisely and don't squander it away foolishly.Buying a car for example is foolish because you will be paying for that car long after it is in the junk yard. Best investment is buy another piece of real estate. Good luck!!!
2007-01-25 14:06:36 · answer #3 · answered by don 6 · 1⤊ 0⤋
Yes.
2007-01-26 03:41:07 · answer #4 · answered by Anonymous · 0⤊ 1⤋
for what?
2007-01-25 14:04:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋