Are You Taking What You Need?

Property value in Arizona has grown over fifty percent in the past year, quickly making it one of the most desirable places in the U.S. to live. For longtime homeowners, the temptation to delve into that equity beyond what is sensible is intense. The equity jump has suddenly made a state population significantly wealthier, so if you happen to be one of the fortunate folks, consider carefully how much is too much when it comes to a home equity loan. Over-extending financially could mean trouble if there's an equally rapid drop in value. Consult with a professional and borrow only what makes sense.

Refinance or Home Equity Loan?

Arizona interest rates are competitive, but if you're locked into an ultra low fixed rate on your home, refinancing might not be the right choice. This is when a home equity loan makes sense. Bankrate.com has current listings for interest rates on home equity loans as well as refinancing options. Additionally, check with local brokers in your area to determine the best plan for your personal situation.

Additional Resources

For more information on all things real estate in Arizona, go to the Arizona, Department of Real Estate website for the latest news and information: www.re.state.az.us.

For current rates on HELOCS and home equity loans, visit www.bankrate.com.

For smart talk on the basics on home equity loans, go to the 'Real Estate for Dummies' website, www.dummies.com.