Connect with us

Money

Everything You Need to Know Before Taking Out a Home Equity Loan

Published

on

You might have heard of HELOC loans or home equity loans.  It is just a loan secured by your home. Although there’s a lot to know about home equity loan and we have taken it upon ourselves to discuss that in this guide.

What is home equity?

Home equity is the current value of your home minus any outstanding loans,, also known as your mortgage. In other words, it’s how much you genuinely own of your home. The rest of these is how much the bank owns, and how much you took out for a mortgage.

One thing you need to know is that your home equity increases as you pay off your mortgage.

Also, See:

Home Equity Loan VS Home Equity Line of Credit

Two different loan options for homeowners are home equity loans and home equity lines of credit in case you don’t know.

A home equity loan,, also called a term loan, is a one-time lump sum paid off over a set amount of time and with a fixed interest rate on the same payments each month.

The loan can be thought of as a second mortgage unless the borrower spaces out payments over an extended time. It depends on how much home equity you have to qualify for a large loan with a low-interest rate whilst using your house as collateral.

You should note that a home equity line of credit (HELOC) works exactly like a credit card allowing you to borrow up to a certain amount for a time limit set by the lender. Throughout that time, you may withdraw money as you may need it and as you like.

It is possible that you can get a much larger line of credit with your home equity. Credit cards can offer lines of credit up to $15,000, whereas HELOCs can offer up to $50,000. Indeed, your credit history, equity, income, among other factors, can decide how much you’ll receive.

HELOCs have variable interest rates, meaning that they could quickly fluctuate one way or another due to macroeconomic factors outside your control, unlike home equity loans.

Which should you get?

If you’re aiming to finance a large project, have a set amount at the back of your mind, and don’t plan on taking another loan sooner, a home equity loan could be right for you. For instance, if you’re borrowing money to do some work on your home, you would be safe to get a home equity loan.

Home equity loans also have more extended borrowing periods, with fixed interest rates giving you the chance to have a more structured payment plan.

Also, a home equity line of credit is best for those who need a revolving line of credit over years. There are a variety of reasons you could get a HELOC over a regular line of credit.

A few of the reasons include:

Making improvements to your home

Like a home equity loan, borrowing money against your home and investing it back into fixing it up sounds better. HELOC could make a lot of sense for fixer-uppers that need a bunch of minor improvements, enabling you to continue borrowing money when the need arises.

Consolidating high-interest credit cards

HELOCs have low-interest rates for the creditworthy. This means, using a HELOC to pay off credit cards with interest rates like 15 or 20 per cent can help you pay off debt more quickly than a balance transfer.

A backup emergency fund

One of the greatness of HELOCs is that they’re like credit cards. Your money is there when you need it. Having it as an emergency fund just in case of unexpected expenses could save you.

What kind of credit do you need to get a home equity loan?

Those with poor credit can get home equity loans and try to avoid HELOCs. However, it’s essential to know that your home will serve as the collateral if you can’t pay back the lender. Also, let’s say you are the type with poor credit. You may not get the most significant interest rate on your loan.

Suppose you own more of your home than you owe on it. In that case, you’ll be seen as a lower-risk candidate meaning that the loan amount or line of credit you’ll receive will be higher, which gives another important reason to consider putting at least 20 per cent down payment on your home when you buy.

When should you NOT use your home equity to take out a loan?

While HELOCs and home equity loans are an excellent opportunity for homeowners, there are a few times when you should avoid them. Some of these are:

If you’re planning on selling your house soon

If you’re planning to move and you might not be able to quickly pay off your loan or line of credit, you shouldn’t take out a home equity loan. This is because, before you move, all your debts on the house will need to be paid off.

If you need a last-resort loan

It’s essential to re-think that you’re putting your home at risk by taking either of these two loans. If you can’t pay back the lender, they could take your house from you, and of course, you may not want that!

If you have poor spending habits

Using a HELOC to pay off credit card debt can be a good idea if you don’t address the reasons you got into debt in the first place. Before you can get out of debt, you need to deal with all your negative spending habits and come up with a way to avoid going into debt in the nearest future.

Where to get home equity loans or lines of credit

The best place to start looking for home equity loans or lines of credit is LendingTree. You can easily compare a handful of rates all in one place and see which one is best for you. At writing, LendingTree has an APR as low as 3.24 per cent for home equity loans. Hesitate

Read More

Original Article: livetechnoid.com

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Money

Vivo Y21A Full Specifications and Price

Published

on

Here are the full specifications of the Vivo Y21A smartphone device and the price you need to know before buying one with your money or on credit.

Phone Details

The Vivo Y21A model has great specifications. It comes with a 6.51-inches screen with a 720 x 1600 pixels resolution IPS display panel housing the front 8 MP selfie lens.

The processor is an Octa-core CPU, Mediatek MT6762 Helio P22 (12 nm) chipset and PowerVR GE8320 GPU. It has 4GB RAM and 64GB internal storage. Amazingly, it is 4G LTE network enabled. Vivo Y21A houses a gigantic 5000mAh battery and runs on Android 11 (Funtouch 11.1).

Also, See:

It has dual cameras on the back, a 13 MP primary lens and a secondary 2 MP camera, Dual LED flash and comes in different colour variants such as Diamond Glow and Midnight Blue. This, however, is just a sneak peek, kindly check the table below for all the features that come with the device.

Vivo Y21A Full Specifications

General

Brand
Vivo
Model
Y21A
Display
IPS LCD capacitive touchscreen with 16M colours
Body type
Glass front, plastic back, plastic frame
Protection
Scratch Resistant Glass
Dimensions
164.26 x 76.08 x 8.00 mm
Weight
182 g
Battery capacity
Li-Po 5000mAh, non-removable
Fast charging
Yes, Fast, 18W
Wireless charging
No
Uptime
N/A
Colour variants
Diamond Glow and Midnight Blue
Released year
January 2022

Display

Screen size
6.51 inches
Resolution
720 x 1600 pixels at 270 PPI density
Aspect ratio
20:9 ratio

Hardware

Processor
Mediatek MT6762 Helio P22 (12 nm) chipset

Octa-core 4×2.0 GHz Cortex-A53 and 4×1.8 GHz Cortex-A53 CPU

PowerVR GE8320 GPU

RAM
4GB
Internal storage
64GB, MicroSD expandable
MicroSD Limit
Up to 1TB

Camera

Rear camera
Dual Lens, 13 MP camera at f/2.2 aperture and 2 MP at f/2.4 with LED flash and HDR
Front camera
Single Lens, 8 MP camera
Camera functions
Autofocus, Digital zoom and Touch focus

Software

OS
Android 11
Skin
Funtouch 11.1

Connectivity

Wi-Fi
Yes
GPS
Yes
Bluetooth
Yes
NFC
No
USB type
USB Type-C 2.0
SIM type
Dual, Nano-SIMs
GSM/CDMA
GSM
2G
Yes
2G bands
GSM 850 / 900 / 1800 / 1900
3G
Yes
3G bands
HSDPA 850 / 1900 / 2100
4G/ LTE
Yes
4G bands
LTE band 1, 3, 5, 8, 38, 40, 41
5G
No
Speed
HSPA 42.2/5.76 Mbps, LTE-A

Sensors

Fingerprint
Yes, side-mounted
Proximity
Yes
Barometer
No
Accelerometer
Yes
Gyroscope
No
Compass
Yes
Others
Face ID

Sound

Loudspeaker
Yes
3.5mm jack
Yes

MISC

Also in the box
Charging Adapter, USB Cable and User Manual

Also, See:

Vivo Y21A Price

Vivo Y21A is priced at around $129 in the United States, €115 in Europe and ₦53,500 in Nigeria. Prices in other specific countries and currencies are provided below.

United States
$129
United Kingdom
£95
Europe
€115
China
¥819
India
₹9,599
Nigeria
₦53,500
Ghana
Gh₵805
South Africa
ZAR1,950
Kenya
Ksh14,649
Read More

Article: livetechnoid.com

Continue Reading

Money

UMiDIGI Bison GT2 Pro Full Specifications and Price

Published

on

Here are the full specifications of the UMiDIGI Bison GT2 Pro smartphone device and the price you need to know before buying one with your money or on credit.

Phone Details

The UMiDIGI Bison GT2 Pro model has great specifications. It comes with a 6.5-inches screen with a 1080 x 2400 pixels resolution IPS display panel housing the front 24 MP selfie lens.

The processor is an Octa-core CPU, MediaTek Helio G96 (12 nm) chipset and Mali-G76 MC4 GPU. It has 8GB RAM and 256GB internal storage. Amazingly, it is 4G LTE network enabled. UMiDIGI Bison GT2 Pro houses a gigantic 6150mAh battery and runs on Android 11 (Upgrade to Android 12 via OTA).

Also, See:

It has triple cameras on the back, a 64 MP primary lens and dual secondary cameras of 8 MP and 5 MP AI, with LED flash and comes in different colour variants such as Hack Black. This, however, is just a sneak peek, kindly check the table below for all the features that come with the device.

UMiDIGI Bison GT2 Pro Full Specifications

General

Brand
UMiDIGI
Model
Bison GT2 Pro
Display
IPS LCD capacitive touchscreen with 16M colours
Body type
Glass front
Protection
Scratch Resistant Glass
Dimensions
172.2 x 83.9 x 12.9 mm
Weight
280 g
Battery capacity
Li-Poly 6150mAh, non-removable
Fast charging
Yes, 18W
Wireless charging
No
Uptime
N/A
Colour variants
Hack Black
Released year
January 2022

Display

Screen size
6.5 inches
Resolution
1080 x 2400 pixels at 405 PPI density
Aspect ratio
20:9 ratio

Hardware

Processor
Mediatek Helio G96 (12 nm) chipset

Octa-core 2×2.05 GHz Cortex-A76 and 6×2.0 GHz Cortex-A55 CPU

Mali-G76 MC4 GPU

RAM
8GB
Internal storage
256GB, MicroSD expandable
MicroSD Limit
Up to 512GB

Camera

Rear camera
Triple Lens, 64 MP camera at f/1.8 aperture, 8MP and 5MP and f/2.4 with Dual-LED Dual-toned flash and HDR
Front camera
Single Lens, 24 MP camera with AI FaceID and Face beautification
Camera functions
Autofocus, Touch Focus, Night mode

Software

OS
Android 11
Skin
Upgrade to Android 12 via OTA

Connectivity

Wi-Fi
Yes
GPS
Yes
Bluetooth
Yes
NFC
No
USB type
Micro USB Type-C 2.0 reversible connector, OTG
SIM type
Dual, Nano-SIMs
GSM/CDMA
GSM
2G
Yes
2G bands
GSM 850 / 900 / 1800 / 1900
3G
Yes
3G bands
HSDPA 850 / 900 / 1800 / 1900 / 2100
4G/ LTE
Yes
4G bands
LTE band 1, 2, 3, 4, 5, 7, 8, 12, 13, 17, 18, 19, 20, 25, 26, 28, 34, 38, 29, 40, 41, 66
5G
No
Speed
HSPA 42.2/5.76 Mbps, LTE-A

Sensors

Fingerprint
Yes, side-mounted
Proximity
Yes
Barometer
No
Accelerometer
Yes
Gyroscope
Yes
Compass
No
Others
Face ID

Sound

Loudspeaker
Yes
3.5mm jack
Yes

MISC

Also in the box
Charging Adapter, USB Cable and User Manual

Also, See:

UMiDIGI Bison GT2 Pro Price

UMiDIGI Bison GT2 Pro is priced at around $339 in the United States, €299 in Europe and ₦140,600 in Nigeria. Prices in other specific countries and currencies are provided below.

United States
$339
United Kingdom
£250
Europe
€299
China
¥2,149
India
₹25,229
Nigeria
₦140,600
Ghana
Gh₵2,119
South Africa
ZAR5,119
Kenya
Ksh38,495
Read More

Original Source: livetechnoid.com

Continue Reading

Money

UMiDIGI Bison GT2 5G Full Specifications and Price

Published

on

Here are the full specifications of the UMiDIGI Bison GT2 5G smartphone device and the price you need to know before buying one with your money or on credit.

Phone Details

The UMiDIGI Bison GT2 5G model has great specifications. It comes with a 6.5-inches screen with a 1080 x 2400 pixels resolution IPS display panel housing the front 24 MP selfie lens.

The processor is an Octa-core CPU, MediaTek MT6877 Dimensity 900 5G (6 nm) chipset and Mali-G68 MC4 GPU. It has 8GB RAM and 256GB internal storage. Amazingly, it is 5G LTE network enabled. UMiDIGI Bison GT2 5G houses a gigantic 6150mAh battery and runs on Android 11 (upgrade to Android 12 via OTA).

Also, See:

It has triple cameras on the back, a 64 MP primary lens and dual secondary 8 MP and 5 MP cameras, with LED flash and comes in different colour variants such as Storm Gray. This, however, is just a sneak peek, kindly check the table below for all the features that come with the device.

UMiDIGI Bison GT2 5G Full Specifications

General

Brand
UMiDIGI
Model
Bison GT2 5G
Display
IPS LCD capacitive touchscreen with 16M colours
Body type
Glass front
Protection
Scratch Resistant Glass
Dimensions
172.2 x 83.9 x 12.9 mm
Weight
280 g
Battery capacity
Li-Polymer 6150mAh, non-removable
Fast charging
Yes, 18W
Wireless charging
No
Uptime
N/A
Colour variants
Storm Gray
Released year
January 2022

Display

Screen size
6.5 inches
Resolution
1080 x 2400 pixels at 405 PPI density
Aspect ratio
20:9 ratio

Hardware

Processor
MediaTek MT6877 Dimensity 900 5G (6 nm) chipset

Octa-core 2×2.4 GHz Cortex-A78 and 6×2.0 GHz Cortex-A55 CPU

Mali-G68 MC4 GPU

RAM
8GB
Internal storage
256GB, MicroSD expandable
MicroSD Limit
Up to 512GB

Camera

Rear camera
Triple Lens, 64 MP camera at f/1.8 aperture, 8MP and 5MP at f/2.4 with Dual-LED Dual-toned flash and HDR
Front camera
Single Lens, 24 MP camera with AI FaceID and Face beautification
Camera functions
Autofocus, Touch Focus and Night mode

Software

OS
Android 11, upgrade to Android 12 via OTA
Skin
N/A

Connectivity

Wi-Fi
Yes
GPS
Yes
Bluetooth
Yes
NFC
No
USB type
Micro USB Type-C 2.0 reversible connector, OTG
SIM type
Dual, Nano-SIMs
GSM/CDMA
GSM
2G
Yes
2G bands
GSM 850 / 900 / 1800 / 1900
3G
Yes
3G bands
HSDPA 850 / 900 / 1800 / 1900 / 2100
4G/ LTE
Yes
4G bands
LTE band 1, 2, 3, 4, 5, 7, 8, 12, 13, 17, 18, 19, 20, 25, 26, 28, 34, 38, 29, 40, 41, 66
5G
Yes
5G bands
5G band 1, 2, 3, 5, 7, 8, 20, 25, 28, 38, 40, 41, 66, 77, 78, 79
Speed
HSPA 42.2/5.76 Mbps, LTE-A, 5G

Sensors

Fingerprint
Yes, side-mounted
Proximity
Yes
Barometer
No
Accelerometer
Yes
Gyroscope
Yes
Compass
No
Others
Face ID

Sound

Loudspeaker
Yes
3.5mm jack
Yes

MISC

Also in the box
Charging Adapter, USB Cable and User Manual

Also, See:

UMiDIGI Bison GT2 5G Price

UMiDIGI Bison GT2 5G is priced at around $339 in the United States, €299 in Europe and ₦140,600 in Nigeria. Prices in other specific countries and currencies are provided below.

United States
$339
United Kingdom
£250
Europe
€299
China
¥2,149
India
₹25,229
Nigeria
₦140,600
Ghana
Gh₵2,119
South Africa
ZAR5,119
Kenya
Ksh38,495
Read More

Source: livetechnoid.com

Continue Reading

Trending

Merablue.com