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Many homeowners in The Sunshine State see their house as the primary source of retirement funding, but the value of your home – or home equity – is collateral you can use at virtually any point in your life, not just when it’s time to retire. Consider a Home Equity Loan when you have a major expense hitting – replacing a deck or roof damaged by the Arizona sun, a child attending one Arizona’s esteemed universities or trade schools, even a new car – or if you want to pay off credit card debt.
Arizona home equity loans are available through national and local banks as well as credit unions. When Arizona residents decide to apply for a home equity loan they need to keep the following in mind.
What’s the difference between a Home Equity Loan and a Home Equity Line of Credit?
This one is pretty straightforward: with a home equity loan the lender offers you the full amount of the loan – usually up to 75-80% of your home’s appraised value – for you to use at your discretion. Uses include those previously mentioned, but you won’t be restricted from using the funds for things that qualify as wants (yes, a vacation to escape the Arizona Summer heat qualifies) rather than needs. An equity line of credits differs in that the loan amount is placed into your account for you to withdraw as needed over an extended period of time.
What are the advantages of a Home Equity Loan?
Arizona residents will find multiple advantages to with a home equity loan, but first on the list is the low fixed interest rate (lower than most other loan rates) and the fact that interest paid on home equity loans are usually tax deductible. Consult an Arizona tax professional about the home equity loan and all other deductions before filing your tax return.
What information with an Arizona Home Equity Lender need from me?
Once you’ve shopped around, compared interest rates available with Arizona home equity lenders, you need to get your application information ready. The personal and financial information required for a home equity loan is standard financial fare:
· Your most recent W-2 along with pay stubs from the last 30 days.
· If you’re self-employed, have your Federal Tax Returns from the last two years (signed and with all schedules) as well as copies of your Corporate/Partnership Tax Returns from the same period.
· Arizona residents who are retired will need two income-related items: copies of your most recent Social Security Award Letter and Pension Award letter. A recent Pension stub or a 1099 from the most recent tax year can be substituted for the latter.
· Bring a copy of your Homeowners Insurance Policy, or the contact information for the agent who services your Arizona policy.
· Manufactured Home owners must provide proof that the residence is permanently affixed and taxed as a real property.
A one-time expense, the security of a fixed interest rate, predictable monthly payments, and a set payoff date – just a few reasons to pursue a home equity loan in your time of need.
An Arizona home equity loan will provide you with tax deductible funds you can use to finance your child's university studies, perform home enhancements, or meet any urgent financial requirements. Depending on your capacity, you can select between fixed or variable rates. BestRate.com provides information on the best Arizona home equity rates. There you can find all the lender information necessary to make an informed decision.
When researching Arizona home equity loans, familiarize yourself first with the two types of home equity packages: the standard home equity loan and the home equity line of credit. A home equity line will allow you to secure funds whenever you need them, within a specific time period. You will have to pay interest on the borrowed amount. With a home equity loan, you will obtain a lump sum of money with a flat interest rate and monthly payments.
Chase allows online applications and promises a response after only 90 seconds. It also provides a branch locator tool to help you find a local lending expert. ArizonaMortgageDepo.com guarantees the best deals on home equity loans by giving customized offers from premier lenders in the country. Simply complete its protected mortgage form, and expect a reply 24 hours later. For more information about an Arizona home equity loan, visit the links on Business.com.
