home equity plan may
When Your Home Is on the Line: home More and more lenders are offering home equity lines of credit. By using the equity in your home, you may qualify for a sizable amount of credit, available for use when and how you please, at an interest rate that is relatively low. Furthermore, under the tax law--depending on your specific situation--you may be allowed to deduct the interest because the debt is secured by your home. If you are in the market for credit, a home equity plan may be right for you. Or perhaps another form of credit would be better. Before making a decision, you should weigh carefully the costs of a home equity line against the benefits. Shop for the credit terms that best meet your borrowing needs without posing undue financial risk. And remember, failure to repay the amounts you've borrowed, plus interest, could mean the loss of your home. What is a home equity line? What should you look for? How will you repay your home equity plan? Lines of credit vs. traditional second mortgage loans Disclosures from lenders What is a home equity line of credit? A home equity line of credit is a form of revolving credit in which your home serves as collateral. Because the home is likely to be a consumer's largest asset, many homeowners use their credit lines only for major items such as education, home improvements, or medical bills and not for day-to-day expenses. With a home equity line, you will be approved for a specific amount of credit--your credit limit , the maximum amount you may borrow at any one time under the plan. Many lenders set the credit limit on a home equity line by taking a percentage (say, 75 percent) of the home's appraised value and subtracting from that the balance owed on the existing mortgage. For example, [D] In determining your actual credit limit, the lender will also consider your ability to repay, by looking at your income, debts, and other financial obligations as well as your credit history. Many home equity plans set a fixed period during which you can borrow money, such as 10 years. At the end of this "draw period," you may be allowed to renew the credit line. If your plan does not allow renewals, you will not be able to borrow additional money once the period has ended. Some plans may call for payment in full of any outstanding balance at the end of the period. Others may allow repayment over a fixed period (the "repayment period"), for example, 10 years. Once approved for a home equity line of credit, you will most likely be able to borrow up to your credit limit whenever you want. Typically, you will use special checks to draw on your line. Under some plans, borrowers can use a credit card or other means to draw on the line. There may be limitations on how you use the line. Some plans may require you to borrow a minimum amount each time you draw on the line (for example, $300) and to keep a minimum amount outstanding. Some plans may also require that you take an initial advance when the line is set up. What should you look for when shopping for a plan? If you decide to apply for a home equity line of credit, look for the plan that best meets your particular needs. Read the credit agreement carefully, and examine the terms and conditions of various plans, including the annual percentage rate (APR) and the costs of establishing the plan. The APR for a home equity line is based on the interest rate alone and will not reflect the closing costs and other fees and charges, so you'll need to compare these costs, as well as the APRs, among lenders. Interest rate charges and related plan features Home equity lines of credit typically involve variable rather than fixed interest rates. The variable rate must be based on a publicly available index (such as the prime rate published in some major daily newspapers or a U.S. Treasury bill rate); the interest rate for borrowing under the home equity line changes, mirroring fluctuations in the value of the index. Most lenders cite the interest rate you will pay as the value of the index at a particular time plus a " margin ," such as 2 percentage points. Because the cost of borrowing is tied directly to the value of the index, it is important to find out which index is used, how often the value of the index changes, and how high it has risen in the past as well as the amount of the margin. Lenders sometimes offer a temporarily discounted interest rate for home equitylines--a rate that is unusually low and may last for only an introductory period, such as 6 months. Variable-rate plans secured by a dwelling must, by law, have a ceiling (or cap ) on how much your interest rate may increase over the life of the plan. Some variable-rate plans limit how much your payment may increase and how low your interest rate may fall if interest rates drop. Some lenders allow you to convert from a variable interest rate to a fixed rate during the life of the plan, or to convert all or a portion of your line to a fixed-term installment loan. Plans generally permit the lender to freeze or reduce your credit line under certain circumstances. For example, some variable-rate plans may not allow you to draw additional funds during a period in which the interest rate reaches the cap. Costs of establishing and maintaining a home equity line Many of the costs of setting up a home equity line of credit are similar to those you pay when you buy a home. For example, A fee for a property appraisal to estimate the value of your home An application fee , which may not be refunded if you are turned down for credit Up-front charges, such as one or more points (one point equals 1 percent of the credit limit) Closing costs, including fees for attorneys, title search, and mortgage preparation and filing; property and title insurance; and taxes. In addition, you may be subject to certain fees during the plan period, such as annual membership or maintenance fees and a transaction fee every time you draw on the credit line. You could find yourself paying hundreds of dollars to establish the plan. If you were to draw only a small amount against your credit line, those initial charges would substantially increase the cost of the funds borrowed. On the other hand, because the lender's risk is lower than for other forms of credit, as your home serves as collateral, annual percentage rates for home equity lines are generally lower than rates for other types of credit. The interest you save could offset the costs of establishing and maintaining the line. Moreover, some lenders waive some or all of the closing costs. How will you repay your home equity plan? Before entering into a plan, consider how you will pay back the money you borrow. Some plans set minimum payments that cover a portion of the principal (the amount you borrow) plus accrued interest. But (unlike with the typical installment loan) the portion that goes toward principal may not be enough to repay the principal by the end of the term. Other plans may allow payment of interest alone during the life of the plan, which means that you pay nothing toward the principal. If you borrow $10,000, you will owe that amount when the plan ends. Regardless of the minimum required payment, you may choose to pay more, and many lenders offer a choice of payment options. Many consumers choose to pay down the principal regularly as they do with other loans. For example, if you use your line to buy a boat, you may want to pay it off as you would a typical boat loan. Whatever your payment arrangements during the life of the plan--whether youpay some, a little, or none of the principal amount of the loan--when the plan ends you may have to pay the entire balance owed, all at once. You must be prepared to make this " balloon payment " by refinancing it with the lender, by obtaining a loan from another lender, or by some other means. If you are unable to make the balloon payment, you could lose your home. If your plan has a variable interest rate, your monthly payments may change. Assume, for example, that you borrow $10,000 under a plan that calls for interest-only payments. At a 10 percent interest rate, your monthly payments would be $83. If the rate rises over time to 15 percent, your monthly payments will increase to $125. Similarly, if you are making payments that cover interest plus some portion of the principal, your monthly payments may increase, unless your agreement calls for keeping payments the same throughout the plan period. If you sell your home, you will probably be required to pay off your homeequity line in full immediately. If you are likely to sell your home in the near future, consider whether it makes sense to pay the up-front costs of setting up a line of credit. Also keep in mind that renting your home may be prohibited under the terms of your agreement. Lines of credit vs. traditional second mortgage loans If you are thinking about a home equity line of credit, you might also want to consider a traditional second mortgage loan. A second mortgage provides you with a fixed amount of money repayable over a fixed period. In most cases the payment schedule calls for equal payments that will pay off the entire loan within the loan period. You might consider a second mortgage instead of a home equity line if, for example, you need a set amount for a specific purpose, such as an addition to your home. In deciding which type of loan best suits your needs, consider the costs under the two alternatives. Look at both the APR and other charges. Do not, however, simply compare the APRs, because the APRs on the two types of loans are figured differently: The APR for a traditional second mortgage loan takes into account the interest rate charged plus points and other finance charges. The APR for a home equity line of credit is based on the periodic interest rate alone. It does not include points or other charges. Disclosures from lenders The federal Truth in Lending Act requires lenders to disclose the important terms and costs of their home equity plans, including the APR, miscellaneous charges, the payment terms, and information about any variable-rate feature. And in general, neither the lender nor anyone else may charge a fee until after you have received this information. You usually get these disclosures when you receive an application form, and you will get additional disclosures before the plan is opened. If any term (other than a variable-rate feature) changes before the plan is opened, the lender must return all fees if you decide not to enter into the plan because of the change. When you open a home equity line, the transaction puts your home at risk. If the home involved is your principal dwelling, the Truth in Lending Act gives you 3 days from the day the account was opened to cancel the credit line. This right allows you to change your mind for any reason. You simply inform the lender in writing within the 3-day period. The lender must then cancel its security interest in your home and return all fees--including any application and appraisal fees--paid to open the account. The material on this site is adapted from the brochure "When Your Home Is on the Line." Single or multiple copies of the brochure are available without charge. Order the brochure by telephone, mail, or fax . Order on line . Glossary | Where to go for help | Checklist Home | Consumer information | Publications | Brochures Accessibility To comment on this site, please fill out our feedback form. Last update: July 25, 2001
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Orlando Real Estate Florida Homes Risa Saltman Real Estate Agent Click any home for Virtual Tour ~ Your Home is Your Castle ~ Welcome to ORLANDO, the City that keeps the Kid alive in all of us. Are you already thinking of candy stores, gum drops and jelly beans ? We have HOMES for all families and budgets.......where you can peacefully enjoy your dreams of sugar plums dancing and playful animal kingdoms; big enough to share with all of the friends and family who will love to visit you too. Risa has been helping families find their Dream Castles in the Orlando area for over 18 years. As a third-generation Real Estate Agent, she dedicates her time and efforts to giving each family her undivided attention and a level of service that keeps all smiling from 'Home~to~Home'. The beauty of Risa's service is that her clients quickly become assured that she will cover all of the bases like the professional that she is; the added twinkling star is that her clients become part of her growing family of friends and associates who work together, take care of each other and play together too. Before you know it, you'll be tucked in your bed and having pleasant dreams. Enjoy your visit as Risa shares Orlando, herself and her capable team approach to service with you. Risa Saltman CRS,ABR,ePRO,Internet Marketing Specialist,RECS PERFORMANCE Not Promises 800-699-4901 Direct email: risa@risa.net RE/MAX Town & Country Realty 1315 Tuskawilla Rd. 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Expat Singapore - Houses In Singapore For Rent Search this site Searching for aroad or building? Basics Before Coming Culture Shock Expat Tips General Info Once You're Here Setting Up Singapore Dining Singapore Life Travel Resources Careers Expat Friends Links & Resources Message Board Schools & Childcare Products & Services All Car Rental Financial Services Legal Services Furniture & Decoration Fine Wines Housing International Movers Serviced Apartments Travel Professional Maid Services ExpatSingapore About Us Advertise With Us Archived Articles E-letters Email Us Events Photos Register Search our Site Bookmark Us: Hold down Control and press D Home Register Message Board Resources About us Houses In Singapore For Rent Click here to see Apartments for rent Click here to see Rooms for rent Relocation Services Click Here EXPAT HOUSING - Your Real Estate Contact If you are interested in advertising on our site, please Email us for rates and details. For a more up-to-date listing on houses available for rent, please go to the Message Board Setting Up home in Singapore? We can help you. As we are associated with the Expat Singapore website, we will ensure your interests are looked after, and that your housing needs are best met. Tell us when you are arriving, when you'd like to view or rent the property, your budget as well as what you'd like - house versus apartment, number of rooms, facilities, preferred location, etc - and leave the rest to us. Our associates, prequalified real estate agents, will be in touch with you directly once initial contact has been made. For monthly rentals above S$2500.00 on a two year lease or above S$5000 on a one year lease, there is no charge for services. Otherwise the agency fee payable by the tenant to the real estate agent is 2 weeks' rent. Special note : Several of our realtors have given us feedback that expats seeking housing go to different agents at the same time. We do not encourage this as this not only causes confusion but often upsets all parties concerned - the agents, landlords, and ultimately the tenants themselves. You may choose not to use any of our recommended agents, but if you do, kindly cooperate and be considerate to these service professionals. Thank you. For any queries and/or assistance with viewing of any of the properties, including many more not listed here, please contact us Telephone : 65 - 6226 6062 If you are interested in advertising on our site, please Email us for rates and details. ***** Holland Road houses for rent Nice and quiet neighbourhood. Off Holland Road and very close to Holland Village. 1. 2-storey semi-detached. Newly renovated. Land size 4,800 sqft; built-in 2,800 sqft. 4+1 bedrooms. Asking S$5,000. Immediate. 2. Single storey bungalow. Charming. A little old-world style. Huge garden. Land size about 8,600 sqft; built-in 2,500 sqft. 4+1. Asking S$8,000. Immediate. 3. Off Grange Road. Very convenient to Orchard Road. Modern 3-storey semi-detached. Land size 2,200 sqft; built-up 3,000 sqft. 4+1+1. Asking S$7,000.00. Immediate. Enquiries and viewing appointments : please call (+65) - 6226 6062 or Email us Bungalows near American school 3 Unit Bungalows with Swimming Pools For Rent in the American School vicinity - yes, walk to and from school! 1. 2 units Classic-Styled Bungalow dwellings. 2. 1 unit Modern design, brand new Bungalow. Location : Right by the American School. Description. a) Approximately 8,000 sqft plot; 8000 sqft built-up for the 2 units Classic designed bungalows, with in-ground swimming pool. b) Modern brand new unit is about 11,500 sqft plot, 5,700 sqft built-up, with in-ground pool. All houses well fitted out, fully air-conditioned, cabled. 3. Price : a) Classic designs : S$13,000 per month; b) Modern design : S$16,500 per month. 4. Availability : Immediately. Please Email us or call (+65) 6226 6062. House near American / Canadian school Location : Upper Bukit Timah, in quiet residential neighbourhood. Conveniently located near shopping mall, banks, food places and French School. Description : Plot Size 7000 sqft; Built-up 4400 sqft. 4+1 rooms, with huge garden (front and back). Newly and completely renovated, like new. Asking : S$6,000.00 pm, partially furnished. Availability : Immediately. Contact: Email us or call 65-6226 6062. East Coast semi-detached house Location : Siglap, East Coast. Very convenient to city centre. Close to amenities and beach. Description : Beautiful 2-storey semi-detached house with garden. 3+1 rooms, Plot size : 2800 sqft; Built-Up space : 4,000 sqft. (Lots of space!) Asking : S$5,000.00 pm negotiable. Availability : Immediately. Contact: Email us or call 65-6226 6062. Huge East Coast townhouse for rent Location : Brand new townhouse in East Coast, right by the Tanah Merah MRT (4 minutes from condo entrance!). Description : 4 levels, 4 bedroooms, 2800 sqft of space! 2 covered basement car-park lots. Partially furnished but property comes with many electrical appliances eg overhead projector with home entertainment system, huge television set. Asking : S$3,500.00 pm negotiable. Availability : Immediately. Contact: Email us or call 65-6226 6062. Conservation shophouse: home and office One of only 5,000 units in all of Singapore. Full of History; built during Singapore's early founding days. Houses for rent: conservation shophouse, Balinese-style terrace house 1. Emerald Hill 3-storey, fully restored shophouse with roof terrace and car porch. 4 + 1. Very rarely available. Built-in: 5,000 sqft Rent: Asking S$16,000 2. Makepeace Road Beautifully landscaped, Balinese design, corner terrace house. 3 + 1 + 1 with gazebo. Charming. Land: 3,300 sqft Built-in: 3,400 sqft Rent: Asking S$9,000 These properties are available immediately. Please email Email us or phone 62266062 for further information. ***** More houses for rent 1. Bukit Timah Nature Reserve a) 3-storey semi-detached house. 4 + 1, pool. Brand new. Land: 2,220 sqft Built-in: 3,000 sqft Rent: Asking S$10,000 b) 3-storey detached bungalow. 5 + 1, pool. Brand new. Land: 4,400 sqft Built-in: 5,150 sqft Rent: Asking S$15,000 2. Kheam Hock Road, off Bukit Timah 2.5-storey bungalow, 6 + 1, pool. Rent: Asking S$15,000 3. Thomson Road a) Huge bungalow, Windsor Park. 5 + 1, pool. Land: 25,000 sqft Built-in: 7,000 sqft Rent: Asking S$28,000 b) Semi-detached, Springleaf Garden. 4 + 1. Land: 3,600 sqft Built-in: 2,800 sqft Rent: Asking S$4,500 These properties are available immediately. Please email Email us or phone 62266062 for further information. ***** Bungalows, semi-detached and terrace houses for rent 1. Gallop Road - bungalow Land: 15,000 sqft Built-in: 5,000 sqft 4 + 3, pool, beautiful garden. Rent: Asking S$15,000 2. Leedon Park - bungalow Land: 20,000 sqft Built-in: 11,000 sqft 6 + 2, pool, huge mature garden. Rent: Asking S$30,000 3. Andrew Road - bungalows (2 units) Land: 17,000 / 13,000 sqft Built-in: 5,000 sqft Both houses come with outhouse, patio and garden. Rent: Asking S$15,000 / S$11,000 4. American School vicinity, walk to school! a) Bungalows for rent with pool, 5 + 1. Land: 11,000 sqft Built-in: 5,000 sqft Rent: Asking S$13,000 b) Terrace houses for rent, 4 + 1. Land: 2,000 - 3,200 sqft Built-in: 3,000 - 3,700 sqft Rent: Asking S$5,500 - S$7,000 5. Sunset Drive (off Holland Village / Bukit Timah) Land: 6,750 sqft Built-in: 5,600 sqft 4 + 1, with pool. Rent: Asking S$11,000 6. Bukit Timah (2 units) a) Semi-detached house, brand new. 4 +1. Land: 4,400 sqft Built-in: 3,500 sqft Rent: Asking S$7,500 b) Bungalow, 4 + 3. Land: 10,000 sqft Built-in: 5,500 sqft Rent: Asking S$11,000 These properties are available immediately. Please email Email us or phone 62266062 for further information. ***** West Coast bungalow for rent Description: 11,500 sqft bungalow on hilltop. 4 + 1 bedrooms plus 3 bathrooms, swimming pool (regularly maintained) and patio. Fully furnished. Location: Pasir Panjang, West Coast Availability: Immediate Rent: Asking S$5,500 Contact: 62266062 or Email us ***** Bungalow House for Rent Almost new, beautiful 3-storey bungalow house, 6+1 rooms with built-in wardrobes, 4 bathrooms, high ceiling living hall (7m), 2 jacuzzi bathtubs. Big masterbedroom. Approx. 5000 sq.ft with aboveground pool. Located in bungalow zone, 50m away from quiet playground, walking distance to East Coast Park, 400m from Kembangan MRT. Price : Asking $11K, partially furnished. Available now. Contact : email us or 62266 062 ***** House for rent at Woodgrove View, Century Woods, next to American school Location: Woodgrove View, Century Woods. 1 minute walk to American school. Large American Community. MRT station and Supermarket within walking distance. Price: S$5,500 Size: 3,200 sq ft built-in, small garden in the front yard. 5 airy bedrooms plus family room with high ceiling. Features: 3 Storey Corner Terrace House. Brand new, fully aircon and partially furnished. Quality finish. Availability: Immediate. Contact: Email us or at (+65) 6226 6062. ***** The Best of Century Woods Phase 2 Location : Woodgrove Walk (adjacent to Singapore American School). Just 1 minute walk to American School. Large and friendly American community. Price : S$7,500 per month. Size: 5 bedrooms plus 1 maid's room plus extra family room. Built in spacious 3,400 sq ft. Features: Brand new 3-storey corner terrace. High ceiling with unique alcove design (not standard feature to all units). Fully air-conditioned. Beautiful garden. Autogate. Morning sun. Partially furnished. Availability: Immediate Contact: Tel: 6226 6062 or email: email us ***** House for rent at Woodgrove View at Century Woods Location: Woodgrove View, Century Woods. Next to American School in Woodlands. Large American Community. Price : S$7.000 Size: Cosy 5 bedrooms plus family room and courtyard. Built in 3,200 sq ft. Features: Intermediate 3 Storey Terrace House. Brand new, fully aircon and partially furnished. Availability : Immediate. Contact: 6226 6062 or email Email us ***** House for rent: a life of luxury awaits you Location : Brandt New 4 Storey Cluster House with full condo facilities and 24 hours security, located 5 mins away from Tanah Merah MRT station, 10 mins to Bugis Junction & City Hall where the Central Business District offers the most cosmopolitan lifestyle. Ideal for nature lovers as is only 5 min drive to East Coast Beach where the famous "Lagoon Seafood Centre" is located. Description : Fully Furnished with five designer bedrooms with full panel of wardrobes, IDD line, SCV, night table with lamps. Master bedroom & living facing swimming pool & greenery. One large living/dinning area & one basement family hall. 2 patios, and 1 large veranda, 1 utility room, 1 store room & washer. See Photos Size : 3,000 sq ft. Price : S$ 4,000.00 per month Available : Immediate Contact : 6226 6062 or email at Email us ***** The following houses were advertised here and rented. They have been placed here so readers know what kind of accommodation Singapore offers. ***** House for rent at Holland Grove Location : Holland Grove vicinity single storey semi-detached, 10 minute walk to Henry Park Primary School and Jelita Cold Storage. Quiet residential area Price : S$5,000 per month. Size: Land 4,069 sq. ft. Built in approx. 2,300 sq ft. Features: Car porch, large living and dining, study, kitchen, 3 bedrooms. Fully air-conditioned. Autogate. Mature garden. Partially furnished. See Photos Availability: Taken Contact: 6226 6062 or Email us ***** House for rent off Grange Road Location : Jalan Kelawar (off One Tree Hill), 3 min from Orchard Road. Description : 3 bedroom, 2 story house, front garden with 2 fish ponds, outhouse, BBQ. Price : S$6800 per month negociable. Availability : Taken Contact : 6226 6062 or email at Email us ***** Semi-Detached House at Siglap Description : Modern and well constructed house in the East Coast for rent. Clean lines, functionally laid out, bright and spacious. There are 5 + 1 + 1 rooms. Fully equipped kitchen with all the appliances to make it your home. Location : Off Siglap Road. 10 minutes by car to CBD Price : S$5,500.00 per month Size : Approx 3,600 sq ft land ; 4,200 sq ft built-in. Availability : Taken ***** House For Rent at Garlick Avenue Location : Bukit Timah vicinity, double storey bungalow house with swimming pool in one of Singapore's finest residential areas. Quiet neighbourhood. 10 mins drive to Orchard Road. Land area : 10,475 sq ft Built-in : 3,853 sq ft Rooms: 4 rooms with attached bathroom Features : High celing, fully air-conditioned. Well kept garden. Partially furnished. See Photos Price : $ 8,000 per month, negotiable. Availability : Taken ***** House for rent at East Coast Location : East Coast vicinity, 3 storey S/Detached, 5 mins to airport, 15 mins to city centre, Quiet neighbourhood. Price : S$5500 per month, negotiable depending what is needed. Size : Built-in 3111 ft2. Features : Large living & dining, Very large master bedroom + 4 bedrooms + 1 maid's room, 6 toilets, Fully air-con, Full kitchen, Car porch, Autogates, Alarm system, Wardrobes Available : Taken ***** 29 Kelulut Hill Location : 29 Kelulut Hill, Off Seletar Hills Type : 2-Storey Intermediate Terrace House Price : S$3,500 /pm (negotiable) with partial furnishings Size : Land: 1,884 sqft / Built-in: 2,151 sqft Features : 4 Bedrooms + 4 En-Suite Bathrooms; Maid's room; Brand New; Autogate; cul-de-sac. Quiet residential area; yet walking distance to shops and amenities. Photos available Availability : Taken No 36, Jalan Merah Saga Location : No 36, Jalan Merah Saga Singapore 278111 Type : 2 storey semi-detached house Price : S$15,000 /pm (negotiable) with partial furnishings Size : Land: 3770 sqft / Built-In: 2500 sqft Features : 5 Bedrooms + 3 Bathrooms + Huge Dining Room Photos available Availability : Taken 31 Nim Green Location: 31 Nim Green, Off Seletar Hills Type : 2-Storey Semi-Detached Price : S$3,500 /pm (negotiable) with partial furnishings Size : Land: 4500 sqft / Built-in: 3520 sqft Features : 3 Bedrooms + 3 Bathrooms + 1 Store-room Photos available Availability : Taken House Also For Sale At S$2.5 million 75 Neram Road Location: 75 Neram Road, Off Seletar Hills, (Near American School) Type : Brand New 2 1/2 Storey Detached Bungalow Price : S$15,000 /pm (negotiable) with partial furnishings Size : Land: 6000 sqft / Built-in: 5500 sqft Features : 6 Bedrooms + 5 Bathrooms + 1 Study-Room + 1 Store-Room + Huge Attic Photos + Floor Plan available Availability : Taken Back to Products and Services About Us | Advertise With Us | Email Us | Missing Links | Register | Search General Info | Getting Here | Starting Up | Once You're Here | Enjoying Singapore | Eating in Singapore | Message Board | FAQs | Products & Services | Links ExpatSingapore Jurong West Post Office P.O. 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