What You Need to Know About Home Equity and Home Equity Loans

The amount of your home equity is dependent on the value of your home and how much money you owe on your home. When it comes to home equity loans, lenders allow borrowers to acquire an amount they need to pay for a single major expense. Here are the things worth knowing when it comes to Home Equity Loans

Uses of Home Equity Loans

Most of the time, homeowners use this for home improvement projects. For example, you want to increase the value of your home by remodeling your kitchen, and you can apply for a HEL to help you finance the renovation. Others use this to pay for a college education while some use it to pay credit card debts. Seniors mostly use this to invest in their retirement.

Home Equity Loan Amount You Can Borrow

If you plan on applying for a HELs, then you must know that lenders won’t bother with loan amounts smaller than $10,000. As for the higher amount they can provide you, it can go as high as 89% of your loan to value ratio. Depending on your home equity, there are a few lenders who will offer up to 100% of your home equity.

What are HELOCs or Home Equity Line of Credits?

You can liken HELOCs with credit cards, and it sometimes comes with a card. When you get approved for HELOC, lenders will give you a spending limit. Whenever you need the money, you can simply withdraw it using special checks or through a credit card. You can then choose when to withdraw your money as needed.

Why Consider Applying for Home Equity Loans?

HELs has a lot of benefits to offer. For one, if you’re looking for types of Mortgage Loans Arlington with a lower (and usually fixed) interest rate, Home Equity Loans is what you need to apply for. It is one easy way to obtain a lump sum of money in a short period. Your home value will secure the loan, and it can also be a tax deductible. Lenders will pay you in cash, and you increase your chances of getting approved since mortgage lenders love tangible assets they can possess in case you fail to pay the loan up.

Another reason to choose Home Equity Loans is that you get to stay in your home and still benefit from its value despite signing it up for the loan. Another reason is that the closing costs of the HELOC tend to be very low – saving you money in the process.

Good Read: How Home Equity Loans Work: Pros and Cons

Disadvantages of Home Equity Loans

HELs and HELOCs also have drawbacks. Like any other form of Mortgage Loans Arlington, their criteria set that one needs to qualify for before deemed eligible for a HEL and HELOC. You, as the borrower needs to make sure you don’t borrow more money than you can actually afford and not more than the actual value of your home. Homeowners will still need to pay for your home’s taxes, mortgage, and insurance, plus you need to make regular payments after tapping the HELs.

Knowing the pros and cons of your loan will give you a better idea of whether or not HEL or HELOC is the right type for you. Consult an experienced and reliable mortgage broker, and he can help find you the best loan type, rates, and deals that will suit your needs, wants and situation.

Rattan Furniture

Rattan is a close relative of the palm tree; it is a type of vine that grows in the jungles of the South Eastern region and is one of the strongest woods available. It’s really hard to break, very durable and the peel is commonly used to bind the furniture together.Wicker on the other hand, isn’t a material but rather a technique used to manufacture products out of materials like rattan, willow, bamboo, straw and rush. Such natural materials are made wet and are then woven to create wicker furniture.So rattan is a product and wicker is the technique used to manufacture the furniture. Wicker garden furniture is hugely popular choice– it’s easy to maintain, contemporary and robust; but if you want solid durability and versatility, rattan furniture is your ideal choice.

Rattan garden sets are among the most popular types of garden furniture for many years due to their timeless elegance, high level of comfort and ease of maintenance. In the recent years, however, home owners were also given the ability to choose synthetic rattan furniture which at a first glance looks almost identical to the natural rattan sets. This has caused some confusion among home owners many of which wonder which one to choose. If you are having the same dilemma, you can make your decision easier by taking into account the following factors:

Aesthetic appeal. As already mentioned earlier, synthetic rattan garden sets often look as they would be made from natural rattan. They are woven in the same way, come in a variety of designs, styles and shapes, and give your garden a highly elegant look. Many people, however, claim that man-made materials lack the character which is reflected by the natural ones. This is of course a matter of personal taste but natural materials are considered more classy and prestigious than the synthetic ones by most people.

Comfort. The level of comfort the chosen garden set provides is just as important as its aesthetic appeal because a beautiful but uncomfortable outdoor area is of little use. Both natural and synthetic rattan garden sets are typically used with cushions and pillows which is why there is little or no difference in the comfort factor between both types of rattan garden sets.

Durability. Synthetic rattan garden sets are often claimed to be more durable than the ones which are made from natural rattan, however, these are just as durable as the synthetic ones if cared for properly.

Resistance to the outdoor elements. Natural rattan does not withstand the outdoor elements particularly well and is vulnerable to the effects of moisture. If frequently soaked or stored in a damp place, natural rattan sets can be affected by mould. In addition to moisture, the beauty and durability of natural rattan can also be affected by exposure to direct sunlight. Synthetic rattan, on the other hand, is resistant to all outdoor elements because it is most often made from some type of plastic which cannot be affected by mould, rust or wood-eating insects. It is usually also claimed to be resistant to ultraviolet light although most types of plastic fade if exposed to the sun for prolonged periods of time. However, natural rattan can also be made weather-proof by a thin coat of lacquer or water sealant.

However, the big question we’ve been getting from our customers since we launched our poly-rattan range is there’s no obvious weaknesses with natural rattan so why is there a need for a synthetic rattan?

Rattan furniture is continuously growing in popularity and a lot of furniture manufacturers wanted achieve the distinctive look and feel of natural rattan but for a fraction of the cost.

Manufacturers have developed a synthetic rattan furniture that still maintains the general look and feel of natural rattan together with the long lasting durability of the real thing.

They usually start by making the synthetic rattan furniture with a sturdy aluminum frame then instead of wrapping the frame with the natural rattan cane they make use of plastics and resin to create the form.

The plastic material is also extremely malleable and easy to shape, plus its available in a wide array of shades and colours. And I have to be honest with you, the good thing with the synthetic varieties is that they still maintain that strength of the natural rattan too.

The plastic or synthetic rattan look furniture is strong and, if properly looked after, will last you an incredibly long time. Also, it is very easy to clean with just warm water and washing up liquid when needed and it is not susceptible to any rust like iron garden furniture or mold like the natural rattan.