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. Home equity loans and private mortgage insurance (PMI) What if you’re paying private mortgage insurance (PMI) on your original mortgage?

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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 refinances are generally best for big-ticket costs: Think home renovations or major debt consolidation. The difference between the two is given to you in a lump-sum payment.

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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. If you or a family member needs a procedure, treatment or long-term care that isn’t fully covered by insurance, a home equity loan could be a good way to handle the costs.

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