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. How does a cash-out refinance work? Cash-out refinances are generally best for big-ticket costs: Think home renovations or major debt consolidation. There are no limitations.

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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. Home equity lines of credit (HELOCs) and home equity loans are two similar finance tools — methods of borrowing money against the ownership stake you have in your home. Home equity loan: What is it?

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Savings Corner

DECEMBER 24, 2023

Key takeaways A personal loan is money you can borrow to finance large purchases, consolidate debt, invest in yourself or cover emergency expenses. Working to improve your credit score and reduce your debt-to-income ratio before applying can help get you the best loan terms. Here are the main types of personal loans to know.

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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. How does HELOC repayment work?

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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. How does a home equity loan work? 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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