Savings Corner

APRIL 4, 2024

You can use this money for any purpose, including home remodeling , consolidating higher-interest debt , college tuition and other financial needs. Cash-out refinance example Let’s say you still owe $100,000 on your home, and it’s currently worth $400,000. Using the cash out for home improvements is a more prudent use.”

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Savings Corner

DECEMBER 25, 2023

If your home has increased in value since you bought it, you may have more equity than what you’ve accrued from paying down your principal. Most lenders will require you to maintain at least 20% equity in your home. Because your home is the collateral for any kind of mortgage, you risk losing it if you can’t make the payments.

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Savings Corner

DECEMBER 24, 2023

You might, for example, be offered financing by a home improvement store when you buy an appliance. Investing in yourself Personal loans can be used for some educational purchases, such as pursuing a workplace certification or attending a career-boosting seminar. Can anyone get a personal loan?

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