A Home Equity Loan or Line of Credit can be a great way to pay for the home improvement you’ve been dreaming of or to consolidate bills under a low fixed interest rate with a consistent repayment plan.
The loan borrows against the portion of your home that you own through appreciation and previous payments.
Things to Consider:
- Home is loan collateral
- Fixed interest rate
- Fees for approval
- Lump sum of money for home improvement, medical bills, other expenses
- Fixed, monthly payment
- Interest is tax deductible