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Thursday, October 25, 2007

On Home Equity Loans...

I guess loan is inevitable in one's life. There would be instances that we need to take up a loan for purchase of car, buying house or even just for purchase of something very important. It is not bad at all as long as you are responsible for acquiring that loan. Let's take for example Home Equity Loans, being offered by Magic Loans. The site defines clearly what type of loan it is. It is actually the value of your home that you can use as equity for a loan to raise substantial amount of money without moving from your current property. The site is actually very comprehensible. It also has a loan calculator that identifies your amortization once you key in your loanable amount and number of years of payment that you prefer. When in doubt whether you are ready to take up any kind of loan, you can use their budget calculator that help you identify how much money with you at the end of each month. It is also a good way to understand your overall financial condition. This information can help you decide if you are eligible to apply for a loan. Actually, the site is very helpful for us and Dicky as we are really contemplating now to have our own home. We are thinking to either purchase first the lot in cash wait for few months before we have the construction of our dream house or do we proceed now with a loan for house and lot and use the lot as an equity. We are still in crossroads for this.