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. You can use this money for any purpose, including home remodeling , consolidating higher-interest debt , college tuition and other financial needs.

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Savings Corner

APRIL 4, 2024

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. Both funding options allow you to use the funds however you see fit. Others use them to pay off high-interest credit card debt or other bills. $16

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Savings Corner

DECEMBER 24, 2023

Portions of this article were drafted using an in-house natural language generation platform. A personal loan is money borrowed from a lender that can be used for nearly any purpose. Consolidate debt: You can use a personal loan to consolidate expensive debt, such as credit card debt. You will also start to repay the money.

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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. Home equity loans drawbacks include putting your home at risk of foreclosure and their lengthy application process. What is a home equity loan?

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