Home Equity

Home Equity - Party Hardy

Life is great when you have more money, and you will have more money once you build up home equity. You see, all those years you've spent renting out apartments or houses means money down the drain when placed next to a mortgage - the home equity you build through mortgage payments is your continually growing financial potential!

Unleash the home equity beast within!

With home appreciation values so high you will probably gain home equity the day you make a new home purchase, meaning once you sep foot in that house you can apply for home equity loans. How great is that? Making money simply for bettering your living status and owning your own house? And we're not just talking a few hundred bucks, but real income potential you can actually live off of:

• in 2004, the average American home increased in value by almost 20%.
• lets say you bought a home in 2003 for $300,000 with a 6% APR mortgage on a $250,000, 30-year loan.
• at $1,498.88 a month, you'll pay $17,986.56, $14,916.49 in interest and $3,070.07 in principal, meaning on your own you have built up $3,070.07 in home equity - not to shabby!
• but in that same year your average American home increased in value by 20%, or $60,000. Your actual equity is now $63,070.70 - yikes!

Your home will be more than shelter for your family, but a potential resource for incredible income when you use your home equity to your advantage.

Using home equity

Don't be afraid to take out a home equity loan that you feel will improve your life. Do be afraid when you take out equity financing without considering the consequences first. Your home may be worth a lot more today than it was a year ago, but that doesn't mean you can handle the full financial responsibilities of so much home value. Borrow within your limits and use your equity very carefully - boring yes, but financially sound and advice you should comp to live by.

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