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Article: Tips make equity loan work hardest for you
- Article from:
- Chicago Sun-Times
- Article date:
- October 23, 1998
- Author:
CopyrightCopyright 1998 Chicago Sun-Times. (Hide copyright information)
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Julie Adeleye loves her home. But, among other repairs, the
Central Islip, N.Y., house needs new windows and siding.
How does a single mother with two daughters come up with the
funds needed to pay for the work? Adeleye took out a $25,000
home-equity loan.
She isn't alone. Americans had $98.1 billion in equity-loan
debt on their homes in 1997, up from $85.3 billion in 1996, according
to the Federal Deposit Insurance Corp.
The rates look attractive to consumers who want to consolidate
debt - the top use for equity loans. Other uses include home
improvement, emergency medical treatment or financing higher
education.
Lenders are attracted to home-equity loans because they are
profitable ...