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Release Date: March 2009

HOME EQUITY

The current economic situation has made almost everyone take a closer look at their finances, especially when it comes to their home. If you’re wondering about mortgage refinancing or taking a loan against your home’s equity, there’s an easy way to learn what you need to know to make the right decision.

With the Home Equity package of publications from the Federal Reserve Board and the Federal Citizen Information Center, you’ll learn about taking out a home equity line of credit against the value of your home, as well as refinancing your mortgage.

When Your Home is On the Line: What You Should Know About Home Equity Lines of Credit will teach you what a home equity line of credit is and how it works. The publication addresses positive and negative aspects of a home equity loan. For example, if you stop making payments, you could risk losing your home. The publication also shows which factors, such as home value and your credit history, will be used to determine your line of credit.

If the current lower interest rates have you thinking about refinancing your mortgage, A Consumer’s Guide to Mortgage Refinancing will take you through the ins and outs of how that process works. Refinancing typically involves paying off an existing mortgage and creating a new one or combining two loans so you pay only once per pay cycle. The booklet will teach you what to consider before refinancing, such as the length of your mortgage and your interest rate, and provides tips to help you pick a lender or broker. You’ll learn common reasons people refinance, as well as what situations aren’t ideal for mortgage refinancing.

With the Home Equity package, you’ll learn valuable methods to keep your home finances in balance. There are three easy ways to place your order:

  • Send your name and address and a check or money order for $3.00 to Home Equity, Pueblo, Colorado 81009.

  • Visit www.pueblo.gsa.gov/media-promo.htm to place your order online and to find links to these and hundreds of other federal publications you can read or print for free.

  • Or call toll-free 1 (888) 8 PUEBLO. That’s 1 (888) 878-3256, weekdays 8 a.m. to 8 p.m. Eastern Time and ask for the Home Equity package. Have your credit card handy.

Get even more information and take advantage of online government resources at www.USA.gov and www.GobiernoUSA.gov—your official English and Spanish web portals to the Federal government.

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GSA #2907

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