Can I take equity loan on my parents' home?
|
  |
|
|
| Author |
Message |
graig
Apprentice
Joined: 09 Jul 2007
Posts: 3
|
 Posted: 09/29/09 - 07:45 Post subject: |
 |
|
| I have recently been thinking about getting a new residential property. In order to have enough funds to finance it, I would like to get a loan from a bank. I was thinking about equity loan on my parents' home, but I am not sure if it is a good option. If anyone could tell me, that would be great. Thanks in advance. |
|
|
Back to top
|
|
|
|
 |
brandy
Apprentice
Joined: 03 Mar 2007
Posts: 3
|
| Posted: 10/29/09 - 03:26 Post subject: |
|
|
| When it comes to personal equity loans, these can be pretty tricky ones. You practically pay interest to your loan, which means you have to return more than you borrowed. If you cannot follow up with your payments, a collateral can be used to settle the debt. In the case of an equity loan, your parents' home is the collateral. That is, the value (equity) of the home is used to cover any possible debts you have. Now, if you have a good equity, and expect to have steady source of income, that can be a great deal, as you will certainly get a good loan. However, if your future is financially not clear enough, wait until that is the case. I hope you find the info helpful. |
|
|
Back to top
|
|
|
|
|
|
| |
All times are GMT
|
| Page 1 of 1 |
Related topics: | |
|
|
