Comments on: Split Loans & Home Equity Lines of Credit http://moneysmartlife.com/split-loans-home-equity-lines-of-credit/ Money Tips for a Better Life Fri, 25 May 2012 08:24:26 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Home equity line of credit http://moneysmartlife.com/split-loans-home-equity-lines-of-credit/comment-page-1/#comment-193260 Home equity line of credit Tue, 25 Jan 2011 09:11:07 +0000 http://moneysmartlife.com/?p=2039#comment-193260 The flexibility of repayment of credit loan under home equity line of credit is a great advantage to the consumer; the consumer has access to a large sum of money that he can withdraw at any time and can facilitate his different expenditures. The flexibility of repayment of credit loan under home equity line of credit is a great advantage to the consumer; the consumer has access to a large sum of money that he can withdraw at any time and can facilitate his different expenditures.

]]> By: George http://moneysmartlife.com/split-loans-home-equity-lines-of-credit/comment-page-1/#comment-180115 George Fri, 13 Aug 2010 09:42:04 +0000 http://moneysmartlife.com/?p=2039#comment-180115 A bad credit score can raise the rate you pay by one-half to one or more percentage points and cost you plenty in higher fees at closing. That is, if a lender is willing to loan you money at all. A bad credit score can raise the rate you pay by one-half to one or more percentage points and cost you plenty in higher fees at closing. That is, if a lender is willing to loan you money at all.

]]> By: 5 Good Reasons Buying a House Requires Planning | Money Smart Life http://moneysmartlife.com/split-loans-home-equity-lines-of-credit/comment-page-1/#comment-179435 5 Good Reasons Buying a House Requires Planning | Money Smart Life Thu, 29 Jul 2010 13:11:33 +0000 http://moneysmartlife.com/?p=2039#comment-179435 [...] Saving the Down PaymentThe days of split loans (also known as 80/20 loans) are long gone.  You’ll need to save up money for a down [...] [...] Saving the Down PaymentThe days of split loans (also known as 80/20 loans) are long gone.  You’ll need to save up money for a down [...]

]]> By: marci http://moneysmartlife.com/split-loans-home-equity-lines-of-credit/comment-page-1/#comment-155181 marci Tue, 14 Jul 2009 18:52:28 +0000 http://moneysmartlife.com/?p=2039#comment-155181 Another thing that's helpful in keeping you out of financial trouble is to buy only what you can actually afford "right now"... not what you think you can afford in a couple years. Make sure the monthly payment is affordable "right now", and don't be thinking you can skrimp and get by til that next raise and all will be ok. The raise might or might not come along. If you have seasonal income, make sure the payment is affordable during the down season... base your payment on the worst case scenario for your monthly income, and that's the payment you'll be able to make no matter what. You can always double up on your payment or add extra principal to your payment in the 'fat' months... but the lenders are not happy if you have to deduct from your payment during the lean months. Another thing that’s helpful in keeping you out of financial trouble is to buy only what you can actually afford “right now”… not what you think you can afford in a couple years. Make sure the monthly payment is affordable “right now”, and don’t be thinking you can skrimp and get by til that next raise and all will be ok. The raise might or might not come along.

If you have seasonal income, make sure the payment is affordable during the down season… base your payment on the worst case scenario for your monthly income, and that’s the payment you’ll be able to make no matter what. You can always double up on your payment or add extra principal to your payment in the ‘fat’ months… but the lenders are not happy if you have to deduct from your payment during the lean months.

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