Savings Corner

APRIL 4, 2024

Home equity can be a valuable resource for homeowners. You can use your equity to renovate some rooms, pay off credit cards, cover college tuition, start your own business … or almost anything else. Here’s how to calculate the equity in your home. You can determine your level of equity on your own, as well.

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Savings Corner

APRIL 4, 2024

However, HELOCs have variable interest rates, which means you might pay more in interest as rates fluctuate, and your home is the collateral, so if you don’t repay what you borrow, you could lose your home. If you qualify for the best rates, a HELOC can be a less expensive way to consolidate debt or finance a home renovation.

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Savings Corner

APRIL 4, 2024

Key takeaways A home equity loan allows you to borrow a lump sum against your home’s equity, usually at a fixed interest rate that’s lower than other forms of consumer debt. Home equity loans drawbacks include putting your home at risk of foreclosure and their lengthy application process.

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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. Both act as second mortgages, using your home as collateral, and may offer tax deductions if the funds are used for substantial repairs or upgrades. Home equity loan: What is it?

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Savings Corner

APRIL 4, 2024

While you can’t cash out all of your home’s equity, the process gives you access to a larger sum of money without needing to sell your home. Paying down your mortgage helps build equity in your home, but you don’t have to wait until you completely repay it, or sell the property, to access that equity.

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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. Instead of putting down cash as collateral, you may be able to use other assets, such as a home, boat or car.

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