Imagining how you're going to enjoy the new comforts of a home renovation after you've been approved for a home equity loan can be relaxing. The expanded living room, bigger bathtub, new game room or whatever else you've been dreaming of can seem like a carefree time that you'll soon be enjoying.
Home Equity Loans Articles
Second mortgages have been accused of playing the role of bad boy in the mortgage crisis. Many borrowers, who wanted to buy homes with no money down, were piggybacking second mortgages on top of first ones. In addition to new homes, they were acquiring massive amounts of debt. Since everyone "knew" that housing prices would continue to climb, no one was worried about paying those loans back. They could always refinance and get more money out of the increased home equity to cover whatever financial woes they encountered.
Being late is good for making dramatic entrances at cocktail parties, but the advantages stop there. Arrive late to work and you could get fired. And if you slip behind on your second mortgage payments, you risk losing your home.
Back in 1909, you could purchase the first car, the Ford Model T, for $850. That's such a bargain, you could probably afford that out of your pocket! Unfortunately, that number doesn't take inflation into account, which means that if you purchased that same car now, it would cost $20,513 in today's dollars. (Not such a bargain after all.)