Savings Corner

APRIL 4, 2024

You can use your equity to renovate some rooms, pay off credit cards, cover college tuition, start your own business … or almost anything else. Online home price estimators are an easy (and free) way to gauge your home’s worth. Home equity can be a valuable resource for homeowners.

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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. This helps keep your payments manageable.

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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. Of course, all this home equity borrowing is made possible by the record-setting rise in home prices since the start of the pandemic, which has increased the value of homeowners’ equity stakes.

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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.

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