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. The options include: Home equity loans: A home equity loan allows you to borrow a lump sum of money upfront and repay it in equal installments at a fixed interest rate.

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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. 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.

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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. It offers a set amount at a fixed interest rate, so it’s best for borrowers who know exactly how much money they need.

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