Use a Home Equity Loan or Line of Credit for home improvements, college costs, a vacation or to consolidate debts. The interest on a Home Equity loan may even be tax-deductible; check with your tax advisor for details.
Home Equity Line of Credit
The Home Equity Line of Credit, or HELOC, allows you to open a line of credit with spending limits based on the value of your home. The benefit of a HELOC is that you have funds available but you only pay interest on what you spend. Similar to a credit card without the high interest rates, the HELOC is a great way to pay for home improvement projects over a period of time at a lower interest rate.
Home Equity Loan
Similar to the HELOC, the Home Equity Loan is based on the value of your home, but is paid out in one-lump sum with a fixed interest rate. This loan is ideal if you know exactly how much your remodel project will cost and you can borrow the full amount.
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