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If you are uncertain as to which type of home equity loan is right for you , a second mortgage has many advantages over a home equity line of credit. Here is what you need to know when considering a second mortgage for your home.
There are a variety of different ways to borrow against equity in your home. Home equity lines of credit are a popular choice due to their ease of access to cash; however, this credit line is a more expensive option. Interest rates have been rising significantly the past few years. Home equity lines of credit come with variable interest rates; recent interest rate hikes can result in significant increases in your monthly payment amount for an equity line of credit.
Second mortgage loans have the advantage of coming with a fixed interest rate. If you have a large amount of equity in your home and need to borrow a sizeable amount of this equity , a second mortgage makes sense over the equity credit line. You will have fixed payment amounts you can spread out over a large period of time. These payment amounts will not change due to interest rate hikes at the hand of the Federal Reserve.
It is important to remember that a second mortgage is secured by your home just like your first mortgage. If you fall behind on the payments on the second mortgage your mortgage lenders can foreclose even if you are not behind on the first mortgage. This is why it is important to budget accordingly and never borrow more than you need. You can use the proceeds from this second mortgage for any reason; however, just because you can borrow against your equity does not mean you should. If you get in trouble making the payments on either mortgage you could lose your home.
Shopping for a second mortgage is no different than shopping for your first mortgage. It pays to do your homework and research a variety of home equity lenders before applying. Doing your homework will help you avoid many of the mistakes homeowners make when applying for a home equity loan; to learn more about avoiding these common mistakes , register for a free mortgage guidebook.
Listen to most people over forty talk for any period of time nowadays and you are likely to hear someone say they feel overwhelmed. We live in a society that encourages overwhelment. We pack so many activities into our everyday lives; we rush from one place to another; we continue to acquire new possessions, some of which demand that we develop new skills to use them. In order to maintain this lifestyle , which often doesn't really make us happy, we need more; more money , time andor support. When you feel this way on a regular basis you know that your needs aren't being fulfilled and you need to do something about it before it becomes a major problem. Although being overwhelmed can result from doing too much, it usually has it has roots in your emotions.
When you feel exhausted or stressed on a regular basis , you could be going against your essential nature. Kelly is by nature a very placid, laid back type of person who worked in a job that required her to continually push herself. She was expected to meet short deadlines on a regular basis so she was always rushing. This meant she was never able to work at a pace that suited her personality. As a result she felt chronically exhausted. Some of that exhaustion was physical but most of it resulted from her emotions. When she monitored her daily emotions she discovered that she spent a lot of her day feeling angry or resentful towards her employer.
I define overwhelment as a state we enter when we deplete all of our reserves and we are running on empty. Most of us can do this for a short while; the problem today is that many people are living this way on a regular basis and when we do this we have to live with the consequences. Left untreated overwhelment can become chronic fatigue and depression , or it can lead to the development of other health problems.
See if you can see yourself in one of the cycles mentioned below:
The cycle of a person who meets her own needs:
Wakes up feeling good and is often excited about the day ahead
Can work very hard but takes regular breaks - even short ones - to recoup
Schedules time on a daily basis for things she enjoys
Asks for what she wants
Says ?no? when unreasonable demands are placed upon her
Takes time for herself
Works at creating balance on a daily basis
Eats healthy food and exercises regularly
Ends the day with energy
The cycle of a person who is overwhelmed:
Does not look forward to the day
Often races from one thing to the next
Can't do much some days because she is too exhausted
Keeps working with very few breaks
Feels like she is always pushing herself
Often feels resentful or angry
Can't remember driving to a destination
Often eats without being aware of the food
Spends a lot of time fulfilling other people's needs
Often feels she makes the wrong decisions
Often makes poor financial choices
Feels frustrated so ends up doing something that brings comfort such as
eating or drinking
Often grabs fast food
Has trouble finishing things; often stops and starts
Changes her mind a lot
Falls asleep in front of TV
Ends the day feeling exhausted
Overwhelment usually starts out as tiredness. If we ignore the tiredness and continue to push ourselves through it we experience stress. Stress left untreated leads to a state of overwhelment. This is a low energy state that creates more of the same until we take the time to value ourselves and to trust.
In order to break the cycle you need to know what triggers the feeling of being overwhelmed. In the beginning it may have been a series of events, for instance you may not have spoken up when your boss made unrealistic demands and you never said what you really thought until it became a major problem. Or , it may be. |
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