Banks have started to get more relaxed about Home equity loans.That means that home owners are more confident about the future and about home values which is a good thing. However every year people come to me who want to sell their home for an unrealistic amount of money because they have to pay off the money they borrowed against it.
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I always tell my clients that the truth is you can not ask for more money for your home because you do not have enough equity to pay the selling costs. Once you pay off the loans and have enough money left over from escrow you can have funds for the down payment on another home or other expenses.
The less equity you have on your home the more risky the home loans become from the banks perspective. If you barrow money you need to remember that you have to pay it back with interest. People do live different life styles, but I always preach to my clients to stay within your means and don’t stretch your finances. I would not like to be trapped in a house payment or a home which I can not sell for a good price.
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