Taking out a second loan using property that one owns is now seeing a comeback of sorts in the Country, with equity business loans offering borrowers more tax benefits and lower rates of interest than credit card debts.
The loan that will be offered to you will be calculated on loan to value ratio that is based on the value of your property, how much of it is wholly paid for and how much you still owe to the bank. For instance, if you own property worth US$3,00,000 of which you still owe US$ 2,00,000, you have US$ 1,00,000 as equity which may be used to secure the equity loan. You could use this top up loan as a business loan or carry out repairs or restructuring of your house or to meet any other financial situation as the case may be. When you have a loan to value ratio that is 75% or more, then your request for an equity loan is more likely to be accepted and processed.
There are two kinds of equity loan options.
The first is the standard home equity loan in which you borrow a certain sum of money against your property which is used to secure the loan.
Another kind of equity loan is called HELOC, which is Home Equity Line of Credit. Under this kind of equity loan, the lender or bank may permit you to borrow small sums of money as and when you require it up to a certain fixed ceiling. You have an obligation to pay interest only on the sum you have borrowed.
Depending on whether you need a large sum of money in one shot or whether your venture requires you to pump in smaller sums of money over a period, you could opt for either kind of equity or business loan.
However, although equity loans do offer your line of credit at relatively low-interest rates, you must remember that your property is still at risk of confiscating in the eventuality that you fail to make the payments.
So, think wisely before you go in for equity or a business loan, which remains a liability until paid off in full.
-
10 best luxurious SUVs
Read moreCrossovers and SUVs are the range this season! Lamborghini, Bentley, Porsche, Tesla, Lexus, BMW, Land Rover, Jaguar, Mercedes, Maserati, just about all the top brands in the auto business are in the race to deliver opulence on four wheels. Do I hear the word sacrilege from the purists? Well, what can I say, extravagant thrills wins hands down?
- The super SUV of the clan, Lamborghini Urus uses a technically advanced, 4.0L twin-turbo V8 engine and is sleek and aggressive all at once, the Lamborghini Urus is a practical one, doubtlessly a game changer.
- Bentley’s Bentayga reaches 0 to 60 mph in 4 seconds and fires up to a top speed of 187 mph on its 22″ aluminum wheels, making it the world’s fastest SUV. The upscale Bentayga is simply luxury redefined.
- The four-door, two-row compact all-wheel drive Porsche Macan with its premium cabin and choice of robust engines and standard quick-shifting seven-speed automatic surely makes it feel like a sports car too.
- The un-compromised SUV from Tesla, Model X is one of the top rankers because it is an all-electric, rapid and potent ride with a revolutionary presence. Going a step further in modern technology, the Tesla X comes with the option of having the hardware necessary for a fully self-driving capability.
- Five-seater Lexus RX is well known for its comfort and quality, with a new standard 3.5-liter V6 that makes 295 horsepower with a brilliant eight-speed automatic transmission.
- Declaring its ability to go from zero to 60 mph in four seconds flat, the BMW X5 M, with its new set of 21-inch wheels, brakes, and suspension, enhanced and standardized USB and Bluetooth, seems to be the leading luxury SUV of the year.
- Land Rover Range Rover Sport is a four-wheel drive that is entirely a driver’s pleasure. It’s effortless handling makes it easy to move from a mud trail to different ground so smoothly.
- Its first-ever luxury SUV, the Jaguar F-Pace, comes with a range of engine options for its sports car-like model that has a minimalist, tidy interior space for your family.
- The Mercedes GLA SUV leaves a huge impression with its perfect mix of flexibility, fuel efficiency and advanced engineering that is class-leading innovation.
- Engineered to master any situation effortlessly, the Maserati Levante has an adventurous spirit and is a true Italian beauty with sporting powers.
Ultra plush SUV sales are flourishing the world over. The mind-bending performance with sophisticated designs is the bottom line. What are you waiting for? Join the party, go get yours.
-
4 popular types of criminal justice degree majors
Read moreAre you planning a career in criminal justice? Then you should know about the various types of criminal justice majors which encompass specific fields such as criminology, corrections, law enforcement, rehabilitation and social work. Before you opt for any specialization, ensure to carry out ample of research to make the correct choice. This is because a degree in criminal justice deals with different human emotions. So, to serve the society, you must identify your personality traits as well.
To help you out here are the four key majors offered by criminal justice degrees across the country.
Law Enforcement: A favorite branch of several criminal justice degrees, law enforcement is an ideal option if you are keen on working in public safety institutions such as police squads, federal agencies, fire and rescue departments. This degree will enlighten you about law and order as well as various protocols designed for the protection of citizens.Criminology: Unlike law enforcement which emphasizes on the action, criminology is a branch of criminal justice which focuses on the psychological and social facets of a case. If you opt for this major in a criminal justice degree, then your syllabus will primarily deal with the study of psychology and sociology. So if you have an inquisitive personality with an eye for detail, then you should select criminology as your major.
Corrections: This particular major of criminal justice degrees trains you to deal with convicts while they are imprisoned. This kind of degree major can be helpful if you are considering a career as a parole officer. Correction professionals mainly function in prisons (county, state and federal). Apart from the interest in the penal system, if you have robust physical abilities and an attentive approach, then you should consider corrections as your major.
Rehabilitation and social work: Criminal justice is not all about catching offenders, but is about offering second chances too. If you wish to make a difference through your work, then you can pursue a rehabilitation as your major in a criminal justice degree. Most students who graduate as rehabilitation majors work as counselors, who guide the convicts in an appropriate direction. This prevents the convicts from committing crimes in the future. They also assist them in finding jobs so that they can lead a respectable life and transform into a responsible citizen.