Savings Corner

APRIL 4, 2024

While you can’t cash out all of your home’s equity, the process gives you access to a larger sum of money without needing to sell your home. 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?

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Savings Corner

APRIL 4, 2024

Many borrowers use them to pay for major home repairs or renovations, like finishing a basement , remodeling a kitchen or updating a bathroom. Loans often don’t charge origination fees , which’ll save you money at closing. appeared first on Savings Corner. Both funding options allow you to use the funds however you see fit.

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Savings Corner

DECEMBER 24, 2023

Common reasons include paying off debt, financing a large purchase such as a vehicle or a boat, or covering the cost of a major expense like a wedding or a home renovation. If you’re looking to get a personal loan, you’ll have to complete an application and wait for approval — a process that may take anywhere from a few hours to several days.

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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. Home equity loans drawbacks include putting your home at risk of foreclosure and their lengthy application process. appeared first on Savings Corner.

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