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Using Your Home as a Bank: Refinancing / Home Equity Loans  One option to finance your business may be using your home as a bank.  Your ability to refinance your home or to get a home equity loan can potentially multiply your money and provide a good income stream.    When thinking of financing a home business or business startup, many people traditionally think of getting a standard business loan.  While this may be appropriate, do not fail to consider using your home as a bank.

While it has gotten somewhat harder to refinance home loans and enter into home equity loans and lines of credit, it is not impossible.  Using your home as a bank means you will access a portion of your equity you have built up and put that money to work for you hopefully making multiple times more than you borrowed out. 

Because the credit crunch of 2007-2008 has made it harder to get loans overall, you may have to consider going to several lenders.  My suggestion is to try local banks that may have not been hit as hard as some of the national banks.

With any decision to borrow, you need to get a professional evaluation from an accountant, investment advisor, etc.  Borrowing is a two-edged sword:  it can cut for the good and for the bad. 



(C) Christmark Enterprises, LLC.
Mark Evants. All rights reserved.
 

This article for informational purposes only and not an encouragement to enter into debt.  Always seek the advice of a professional knowledgeable about your specific situation.



SEE ALSO:

Financing Options

How to Talk to a Banker

Investing Your Tax Refund/Stimulus Check

Vending Millionaires? How Much Can You Make in Vending?

5 Things to Think About Before Buying Vending Machines


     
              







    

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