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. You can determine your level of equity on your own, as well. Source link The post How to Calculate Home Equity appeared first on Savings Corner. Here’s how.

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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. This helps keep your payments manageable.

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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. Lenders sometimes base variable rates on a well-known index rate , such as the prime rate.

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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. Save for longer, or find a more affordable way to make them happen. appeared first on Savings Corner. What are average home equity loan interest rates?

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