Savings Corner

APRIL 4, 2024

Cash-out refinance example Let’s say you still owe $100,000 on your home, and it’s currently worth $400,000. So, for this example, that means you need to keep $80,000 in equity, leaving you with up to $220,000 in tappable equity. For a multifamily home, for example, you can only borrow up to 75 percent. There are no limitations.

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Savings Corner

APRIL 4, 2024

If you qualify for the best rates, a HELOC can be a less expensive way to consolidate debt or finance a home renovation. Possible tax-deductible interest Even after the Tax Cuts and Jobs Act of 2017, you can still deduct interest paid on a HELOC if you use the money for home renovations. However, HELOCs also come with risks.

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Savings Corner

APRIL 4, 2024

Many borrowers use them to pay for major home repairs or renovations, like finishing a basement , remodeling a kitchen or updating a bathroom. Source: ICE Mortgage Technology February 2024 “Mortgage Monitor” report Pros and cons of a home equity loan Advantages You’ll have a fixed interest rate and predictable monthly payment.

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Saving Cents With Sense

MARCH 13, 2013

People that are renovating their kitchens more often choose energy efficient appliances, knowing that they are not just good for the planet but also worthwhile investments. Companion planting is a great way to use nature’s own tendencies to your advantage. Solution Number One: Companion Planting.

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Savings Corner

DECEMBER 24, 2023

Common reasons include paying off debt, financing a large purchase such as a vehicle or a boat, or covering the cost of a major expense like a wedding or a home renovation. Personal loans have advantages and drawbacks. You might, for example, be offered financing by a home improvement store when you buy an appliance.

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Savings Corner

APRIL 4, 2024

Home equity loans are best used for five-figure renovation or repair projects — which can garner you a tax deduction on their interest — or to consolidate other debts. For example, if your home’s current fair market value is $500,000 and you owe $250,000, you have a 50 percent equity stake.

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