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HELOC Vs Home Equity Loan: How Do They Work?

Savings Corner

Key takeaways Home equity loans and HELOCs are both financing tools that allow you to borrow against your ownership stake in your home. 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. homeowners as of year-end 2023.

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Save Money – Develop Important Home Owner Skills

Prairie Eco-Thrifter

Perhaps the county appraiser raised the appraised value of your home, thereby raising the taxes. You will want to know how to challenge the new appraisal and avoid spending more tax money. Home Repair – Fix It When It Breaks. This will save you money on any capital gains tax that might be in effect when you sell.