May, 2013

Home equity lines of credit can work for ongoing expenses

May 20th, 2013
Home equity lines of credit can work for ongoing expenses image

An article posted recently by the New York Times reports on home equity lines of credit and changes in the housing market: “After so many years of declines, these signs of life in housing are surely welcome. But the fact is, even a strong recovery is unlikely to rescue many homeowners who are groaning under the weight of multiple mortgages. That’s because of the nature of home equity lines of credit, which require low payments in the early years followed by hefty payments later on. For many borrowers, those later years are fast approaching.” http://www.nytimes.com/2012/07/15/business/for-many-home-equity-loans-payment-shock-is-near.html If you are struggling with questions [ read more ]

Home Equity Loans vs. Home Equity Line of Credit

May 13th, 2013
Home Equity Loans vs. Home Equity Line of Credit image

Not sure whether you have the funds for an important purchase? The First National Bank and Trust of Newtown is ready to assist homeowners in determining how best to finance a large acquisition – and two possible solutions are a home equity loan and a home equity line of credit. When making a major, one time purchase — like a car — a home equity loan may be the best option.  Funds from such a loan will be received up front, in the full amount, and the term for paying it off may be as long as 10 years.  Of course, the [ read more ]

Using the equity in your home for life’s expenses

May 6th, 2013
Using the equity in your home for life’s expenses image

Home equity loans are one way to get money for other expenses in your life such as home repairs, special purchases or college costs. Here is some insight from Bloomberg: “Lending tied to real estate is reviving as record-low mortgage rates spur the housing recovery while an improving job market makes it easier for people to borrow. A rise in home equity lines is in turn helping the economy, fueling purchase of goods like televisions and refrigerators. Consumer spending, the biggest part of the economy, accelerated to a 2 percent annual rate last quarter from a 1.5 percent pace in the prior period.” A home [ read more ]