Savings Corner

DECEMBER 24, 2023

Key takeaways A personal loan is money you can borrow to finance large purchases, consolidate debt, invest in yourself or cover emergency expenses. 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.

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Savings Corner

APRIL 4, 2024

Key takeaways Home equity loans and HELOCs are both financing tools that allow you to borrow against your ownership stake in your home. Home equity lines of credit (HELOCs) and home equity loans are two similar finance tools — methods of borrowing money against the ownership stake you have in your home. Home equity loan: What is it?

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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. Paying for college: You may find lenders who advocate paying college tuition via home equity, but this is a risky move. to 10 percent.

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