Article: Home Equity ? Don?t Spend It On Risky Investments
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Home Equity ? Don?t Spend It On Risky Investments
The housing market has exploded in the last five years, and homeowners are finding that the equity in their homes is greater than it has ever been. The equity in a home is the difference between the market value of the home and the amount still owed on it. As home prices increase, so does the equity for those who own their homes. In parts of California, home values have tripled during the last five years, and homeowners are doing increasingly risky things with their newfound ?wealth.? Anyone considering borrowing against their home?s equity should carefully consider the possible pitfalls of doing so.
Traditionally, most home equity lending was done for purposes of home additions or remodels. These have been considered low-risk loans, as the house is collateral for a loan tha...
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