Home Equity Loans: Your Home May Be A Valuable Source for Cash When You Need It
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Home equity loans allow you to access available home equity you have built up in your home. What's equity? It's the difference between the fair market value of your home and the amount still owed on the mortgage.
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1 Two Types of Home Equity Loans
Home Equity Loan (Second Mortgages)
How it works:
- A second mortgage (“lien”) loan on your property, allows borrowers to access their available home equity
- Typically offers a lower fixed interest rate than most other types of personal credit (such as credit cards and personal loans)
- You receive the entire loan amount all at once
Reasons to choose this loan:
- You like the stability of a fixed interest rate and payments that don't change
- You know how much you'll need for your project or the purpose for the loan and want the entire sum at once
- Interest payments are usually tax deductible*
Home Equity Line of Credit (HELOCs)
How it works:
- Also a second lien on your property, is a revolving line of credit allowing access to available home equity (up to the line amount) usually for a period of 5-10 years
- Typically features a variable interest rate
- Interest rates are usually lower than credit cards and other types of personal loans
Reasons to choose this loan:
- You need a flexible option to help you access cash when you need it
- You pay interest only on the amount you use
- Interest payments are usually tax deductible*
2Popular Home Equity Loan Uses
Debt Consolidation
If you have a lot of high interest rate credit card debt and the value of your home has increased, you may be able to use an equity loan to consolidate your debt and save on the overall interest expenses you pay.
Home Remodeling
Savvy homeowners have realized that certain types of home remodeling projects can help increase the value of their home. Homeowners frequently use home equity loans to invest in their comfort and increase their home's value. Kitchen and bathroom remodeling are two of the most popular home improvement projects. Real estate experts agree that these projects can have the most return on investment.
Get Cash
When you need to get cash - for whatever purpose - home equity loans are a flexible option. Want to start your own business? You don't need to write a business plan for a home equity loan. If you have available equity in your home, you can use it to finance whatever you desire.
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- Low monthly payments!
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