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. HELOC: What is it?

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Savings Corner

APRIL 4, 2024

You’ll turn in any required financial documentation. You’ll pay for a home appraisal. Cash-out refinance Caret Down When you do a cash-out refinance , you use your home equity to withdraw cash to spend. This type of mortgage allows you to withdraw your home’s equity and receive monthly payments from your lender.

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Savings Corner

DECEMBER 27, 2023

These loans come with credit-building tools, flexible repayment terms and special features for debt consolidation and home improvement projects. Direct payment to creditors with debt consolidation loans. Long repayment terms on home improvement loans. Direct payment to creditors with debt consolidation loans.

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