Home Equity Line of Credit
Here is a way to take advantage of some of the equity you have in your home without the costs of refinancing. A home equity line of credit can be a way of getting a new kitchen, putting on a home addition or a new deck, financing an education, or as a reserve for any number of major purchases. It is a revolving credit resource that is accessed by writing a check. The funds become available again as principal repayment is made. Besides its flexibility, convenience and low cost, a home equity line may be tax deductible! Consult with your tax advisor.
Home Equity Loans
Another low cost way of using the equity in your home is to get a closed-end home equity loan. It is similar to a vehicle loan, but is secured by the equity in your home, making the interest paid on this potentially tax-deductible. You get all of the proceeds at the loan's outset, then pay it back in monthly installments until the loan is completely paid back. The interest rate and monthly payment amount will be fixed for the term of the loan, helping to make budgeting easier. You can use the money for home improvements, a vacation, a new vehicle, and for many other purposes.
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