Handyman Repairs and Home Equity Loans
Overtime the values of homes increases. While this doesn't happen everyday, month or year. The general trend is that 10-20 years down the road after you have purchased your home, it will be worth more that what you paid for it. Well you didn't pay for it now did you? You borrowed money to pay for it and now you pay the bank monthly payments so that one day you can own the home in your name.
So as time passes and you pay your loan, there will be a gap between what you borrowed from the bank and what the home is worth. This is called equity. This is what you own. If you purchased a home for $100,000 in 1995 with a loan of $80,000 and down payment of $20,000. Your equity in 1995 is $20,000 (the amount of home you actually own). As time passes, lets say 5 years down the road in the year 2000 your own is now worth $150,000.00. . So now your equity is $150,000 - $80,000 = $70,000. So basically you are now worth $70,000 instead of $20,000. That's great right, but how do you access that money? When the time comes (medical emergency, college for your kids, start a business) you take out another loan from the bank against your equity. This is called a "Home Equity Loan" or also known as a second mortgage.
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