Home Equity Loans & Lines of Credit
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GetSmart about Home Equity Loans and Lines of Credit
What is Home Equity?
Home Equity is the value of your home minus the balance of any mortgage loans on the home. Example – Value of the home is $250,000, you owe $100,000 on the home – your equity is $150,000.
Is a Home Equity Loan Right for You?
A home equity loan or line of credit, in most cases carries a lower interest rate than credit cards or unsecured personal loans. Additionally, the interest on a home equity loan or line of credit may be tax deductible, depending on your available equity. Consult your tax advisor to determine how much you could save. Typical uses for a Home Equity are:
- Debt consolidation
- Home improvements and landscaping projects
- New car purchase
- Tuition fees
- Emergency auto repairs, emergency purchases - such as appliance replacement, furnaces, etc.
Renovations and home improvements/repairs are an especially appropriate purpose for a home equity loan or line of credit, because you are putting money back into your home, thereby possibly increasing its value.
Home Equity Loan Articles
Smart Tips for Using a Home Equity Loan or
Line of Credit
One of the questions consumers answered referred to their reasons for obtaining a home equity loan or line of credit. We've listed the top six reasons, along with some useful - and fun - information on each one. Read more.
How to Compare Home Equity Loans
Here's how to choose the right home equity loan for your needs. Read more.
Save by Using Home Equity
From buying a car to paying for tuition, here are some less common ways to save by using your home equity. Read more.
