Home equity loans are loans against the value of your home. If you are still paying off a mortgage, you can borrow up to 75 percent against the part of the home you actually own.

There are several plusses when considering a home equity loan. Borrowers see it as an opportunity to use the value of their home to obtain potentially more sizable loans at lower interest rates. When interest rates are low in general, home equity loans can be very appealing. Often home equity loans are used for major renovations or additions to the home, but they can also be used for an extensive range of other purposes. Another key attraction of a home equity loan is that the interest you pay is typically tax-deductible.
Home equity loans are attractive to lenders because they see a secure lending risk with solid collateral, the house. They will therefore, provide lower interest rates for such loans.

Before making the decision whether or not to borrow against your home, you should factor in a lot of variables.

The decision to involve an attorney in your real estate transaction depends upon your personal requirements. One of your real estate agent’s responsibilities is to advise you in the process of addressing your personal needs and helping you to achieve them.

Choosing an attorney to advise you can be an asset from the moment the first offer is made until the time of closing, or as a way to request assistance as needed throughout the process of the real estate transaction. Attorneys can assist with things such as title issues, preparation or review of the deed, counsel regarding how to take title, zoning ordinances, lien issues, and closing assistance.  Some states require using a real estate attorney, some do not.  Check with your real estate agent about your state's requirements or practices.

If you are considering a complex transaction, then you may be wondering how to go about finding the right real estate attorney for your needs. A few recommendations would be to ask your real estate agent, ask family and friends, call the local Bar Association, conduct telephone interviews, and request a written list of references.

Keep a written record of each attorney you interview, and rate each potential candidate according to their skills, effectiveness and fees. Note whether they charge a flat fee or by the hour.  The difference can be significant.

Of course, having a good real estate agent that offers assistance in those aspects of your real estate transaction is the best way to meet your legal needs. Always consult your real estate agent before making any decisions in choosing a real estate attorney.

Floods happen in all 50 states, according to the Federal Insurance Administration. FIA says 25 percent of all flood insurance claims occur in areas that have a low or moderate flood risk.

Standard homeowners insurance doesn't cover flooding, but a survey, conducted for the Chubb Group of Insurance Companies by Opinion Research Corp., found that only 14 percent of Americans have purchased a flood insurance policy on their principal residence.

It's an oversight that could cost you big time. An inland flash flood can bring a wall of water 10 feet high. Less than an inch of water in the basement will ruin flooring and damage vital home systems. Less than two feet in the driveway can carry away your car.

Meanwhile, if you don't have a policy, there are some things to consider.

Forecast for Today

21 Jul 2006