Is it Risky Taking Out a Home Equity Loan in 2006?
Written by: barry mcdonald
Is the party over for people looking for home equity loans? It
may be, by the looks of the financial reports coming in from
2005. It seems that there was a slowing down in the housing
market at the end of last year. House prices have started to
slowly fall although they are still higher than they were last
year and the number of people looking to take out new mortgages
has started to decrease.
Many home owners have had a bonanza this past couple of years by
freeing up the increasing equity in their home to purchase big
ticket items like cars, home improvements and using their home
as a virtual ATM machine to make up the difference that maybe
lacking in their take home income. But as easy at it maybe have
been to get the new home equity loan it all has to be paid off,
with interest, added to the fact of declining house prices and a
few home owners could be putting themselves to added risk.
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