Home Equity Lines Of Credit, Boom Or Bust?

Home equity lines of credit can be a boon or a bust for consumers depending on their understanding of leverage. Most consumers assume that a fixed-rate mortgage is their best choice when it may not be true at all. Home equity lines of credit can also be used in conjunction with a first mortgage to purchase a property. By obtaining a home equity line of credit with a new first mortgage, buyers may access the funds to increase their down payment and thus avoid the cost of mortgage insurance. Home equity lines of credit can be accessed by check as well as by credit card by either party; and, the non-borrowing party can be held responsible for paying it back. If too much is borrowed and cannot be paid back, the house may be lost.

Home Equity Lines Of Credit

Borrower is responsible for both homeowners and flood insurance. Borrowing from the equity in your home may be advantageous because (depending on how you use the money), the interest you pay on the 2nd mortgage loan may be tax deductible. Borrowers who have excellent credit scores may also find that status hurt when a home equity line is frozen. That is because when a lender suddenly caps a $50,000 line at $25,000, the borrower will appear to have tapped the entire amount of the loan, a factor that can reduce a person's credit score.

Lenders offer home equity lines of credit in several ways with either fixed or variable interest rates. Information on obtaining a home equity line of credit is available to you from many sources, including online lenders. Lenders may attempt to draw you in with a low introductory rate, may have offers of no-out-of-pocket-costs or even some form of premium. In such an arrangement, the lender absorbs the cost of originating the line, expecting that he'll recoup those costs over time as a result of the interest you'll pay. Lenders usually do not require that payments are made on the principal, but will always require monthly interest payments be made. The interest rate on the home equity lines of credit are usually at a rate at or above prime.

Interest on home equity loans or home equity lines of credit is already deductible, subject to certain limits. Taxpayers who claim the home equity deduction cannot deduct this interest under the student loan deduction. Interest only payments are the only payments due during the draw period. Interest-only and ARM mortgages were designed to make homes more affordable, but they also enabled people to live beyond their means. Yet every single person that took out one of these loans (and even I had a 7-year ARM at one point) knew that the piper would one day come calling.

Loans exceeding 80% of the appraised value of the home require private mortgage insurance. Amount of waived closing costs, as detailed on the Settlement Statement at closing, must be paid back to SCCU if the loan is paid off within the first 36 months from the first payment due date. Loan review performs a limited scope review of a minimum of 30 percent of all new loan originations. In addition, any loan identified as a problem credit by management during loan review is assigned to the Bank's loan "watch list," is subject to ongoing monitoring by the Bank's credit quality committee to ensure appropriate action is taken if deterioration occurs.

Taliesin West - Home Design in the Desert of Scottsdale

There are a number of reasons that Scottsdale, Arizona homes, land and real estate are so highly sought after by families. Here's one: there's so much to do, whether your lifestyle leans towards indoor luxuries or outdoor amenities.

For example, internationally renowned architect Frank Lloyd Wright came to Scottsdale in 1937 and purchased what was then barren real estate. Designed as his personal winter home, studio and architectural campus, he built Taliesin West in the lush high Sonoran desert directly in the shadows of the McDowell Mountains in northeast Scottsdale.

Wright created a new form of architecture and established a legacy that still draws visitors from all over the world to Taliesin West, which is a living laboratory of Wright's ideas. The Frank Lloyd Wright Foundation has made many renovations to Taliesin West over the years, giving guests the opportunity to view Wright's private home which has been restored inside and out to its original appearance.

Ranging from one to three hours, tours of Taliesin West are offered on a regular basis, allowing visitors to experience firsthand Wright's heralded ability to integrate indoor and outdoor living spaces. Depending on the tour you select, you can visit the Cabaret Theater, Music Pavilion, Kiva and Frank Lloyd Wright's office, all of which are linked by dramatic terraces, gardens and walkways overlooking the rugged desert and the valley below. Knowledgeable guides explain how the site relates to the surrounding desert real estate and provide a general overview of Wright's philosophies and theories of design. Twilight tours are offered during select months, providing sightseers with the extraordinary opportunity to view Wright's one-time home in a nighttime setting when the desert masonry structures, lighted from within, appear as sculptures.

According to the Scottsdale Convention and Visitor's Bureau, Wright's vision and influence are seen throughout Scottsdale, including at one of Scottsdale's premier resort properties, Sanctuary on Camelback Mountain Resort and Spa. This luxurious resort enjoys a history filled with Hollywood celebrities as well as an architectural past linked to the Wright legacy. Representing the cosmopolitan side of Scottsdale with its clean lines and minimalist approach, the property was originally designed by architect Hiram Hudson Benedict, a protégée of Wright. What makes it even more unique is the fact that several stunning private homes are snuggled just steps away from the resort's front doors.

Vernon Swaback, a former student of Wright's, also has left an indelible mark on Scottsdale's real estate landscape. He spent more than two decades studying and working at Taliesin West and over the years has been involved in the design of award-winning hotels, office buildings, recreational facilities and custom homes throughout the Scottsdale, Paradise Valley and Phoenix metropolitan area.

Landscape Paintings - A Distinct Genre of Painting

Landscape Painting is a distinct genre of painting that captures nature in its natural form. The paintings are reflections of the skies, seas, rivers, sun, moon and greeneries on the canvas. One of the earliest and traditional painting forms, landscape paintings touch the heart of the modern art lovers with all their purity, naturalness and aestheticism. Visual documents of the panorama of nature the paintings with their timeless appeal have grown over the years as inspirations to the generations of artists. Indian selection of landscape paintings are the treasure trove of India. Watch them and get engrossed in the wilderness and unspoiled beauties of nature. Take a tour and enrich yourself with interesting information on landscape paintings.

The word landscape originates from the Dutch word "landschap" denoting areas of arable lands. Depicting natural sceneries in a medley of lines, colors and tones was the outcome of the natural inclinations of human beings to reflect what they mostly found around them. The early civilizations with less industrialization and urbanization presented nature in its complete bounties. Artists and poets admired them in their creations. Life was not at all complex and it was only nature and its diverse facets that formed the central theme of the paintings.

Landscape painting in its antiquated form can be observed in the pastoral sceneries of the Roman times. The paintings gained prominence with the emergence of Renaissance Art. Nature was romanticized and portrayed as philosophical and spiritual elements. Various religious and mythological events were represented via nature. Though the spiritual tones were absent in the Reformation times the paintings became more uniform and realistic in this era. The seventeenth and eighteenth century led to the flourish of the paintings with some master artists like Watteau, Gainsborough and Thoams Girtin. The breathtaking creations reached their acme in the nineteenth and twentieth centuries. Various movements of arts like abstract expressionism, impressionism and surrealism influenced the painting and brought in some new styles and techniques. Nature was observed scientifically and more importance was given to its hostile aspects. In the modern and postmodern landscapes nature is synchronized with human psychologies and complexities of life. The various facets of nature resemble the moods of human beings in manifolds.

Landscape paintings have several classifications. The skyscape paintings depict clouds, skies and weather conditions. Moon is aesthetically represented in moonscape paintings. The rivers and seas find visible expression in seascapes and riverscapes. The images of urban landscapes, industrialized cities, towns and streets are carved in cityscapes and hardscapes. The aerial landscapes offer an aerial view of the objects in the ground. Inscapes are visual images of the psychoanalytical mind as a three-dimensional space. Roberto Matta, Ajmes Gleeson and Jane Farnk are the specialists in inscape paintings. Various innovations and experiments with the landscape paintings are still going on. The paintings with all their connotations and aestheticisms are a connoisseur's delight and a prized legacy of art.

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