Equity is an important tool and a great financial benefit of owning a home.
You can use your equity to pay for major home improvements, or help consolidate other debts.
Your equity is more than the value of the interest in your home; it’s your opportunity to afford big purchases and even consolidate debts at a lower interest rate. Your equity could even determine whether you keep your home during financial hardships.
Improving their property is a common reason why many consumers opt for home equity loans. By using their home equity, they can upgrade their home, potentially increasing its overall value.
Consolidate high-interest personal loans with a low or no fee home equity loan. You could save money over time with a lower APR if you have substantial home equity.
A home equity loan allows access to a significant sum of money without using personal savings or taking out an expensive small business loan. It can also be used for investment property down payments.
A home equity line of credit or HELOC typically offers lower interest rates than personal loans. You could consider using a home equity loan for education expenses to save money.
So you're finally ready to fix up your home and add to its value. You have an important decision to make: what makes more sense - a home equity loan or a home equity line of credit?Find out more about Home Equity loans