Demand Line Of Credit

Temptations and drawbacks of home equity loans.

Most financial insititutions ( banks, savings and loans ) have entered the home equity market, so you have plenty of options when you shop for the best loan.

In effect, a home equity loan is a second mortgage on your home. You usually get a line of credit up to 70 percent or 80 percent of the appraised value of your home, minus whatever you still owe on your first mortgage.

For example, if your home is worth $100,000 and you owe $20,000 on your mortgage, you might receive a home equity line of credit for $60,000 because your lender would subtract your $20,000 owed on the first mortgage from your $80,000 worth of equity. You will qualify for a loan not only on the value of your home but also on your creditworthiness. For instance you must prove that you have a regular source of income to repay a home equity loan.

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News

Record-low mortgage rates, but many can't refinance

Chicago Sun-Times - Dec 26, 2009

Record-low mortgage rates, but many can't refinanceThe lender might refuse to subordinate, or if you have a line of credit, the lender might come back and say they'll subordinate the loan -- but only if you and more »

Onstream Media Corporation Reports Fiscal 2009 and Fourth Quarter Financial ...

PR Newswire (press release) - Dec 30, 2009

In December 2009 Onstream's line of credit arrangement was extended for two years with an increased borrowing limit of $2.0 million. and more »

For Small Business, the Jobs Forum Is All About Credit

New York Times - Dec 04, 2009

Zoar Filwilder recounted how Chase Bank canceled the line of credit for his company, Mavid Construction of Scottsdale, Ariz., despite its good standing and and more »

Looking Back, With Both Eyes on the Future

Wall Street Journal - Dec 29, 2009

She can float the studio using a line of credit, but she doesn't feel comfortable with what she calls the "sit-back-and-wait approach.

Presstek Provides Update on Financing

CNNMoney.com (press release) - Dec 17, 2009

Under this extension, the Company's revolving line of credit has been reduced from $27 million to $25 million, which the Company's management believes is and more »

South Hackensack small business turns to credit union for financing

NorthJersey.com - Dec 21, 2009

And when the company looked for a $250000 line of credit — as a safety net should a cash-flow problem arise — he turned to a credit union. and more »

Uptick Catches Entrepreneurs by Surprise

Wall Street Journal - Dec 08, 2009

Many are short on cash or lacking lines of credit; others have eliminated staff positions or gotten rusty at networking or hustling potential clients. and more »