What is a home equity loan?
If you have built some solid equity in your home, a home equity loan lets you exchange a part of this equity for cash. A lot of people use this cash loan to make home repairs, upgrades, pay for college tuition and other expenses. It’s really up to you.
However you decide to use your home equity money, you can usually deduct the interest. That’s a pretty appealing reason to finally buy those big-ticket items you’ve been wanting. Home equity loans are also a good option if you face high medical bills or some other emergency.
A home equity loan has the same expenses as your home purchase loan - an application fee, title search, appraisal, attorneys’ fees and points (a percentage of the amount you borrow). Home equity lines of credit (HELOCs), on the other hand, may not even have fees at all.
One of the best reasons to get a home equity loan right now is that home equity interest rates for home equity loans are lower than they've been since 2008. Many homeowners are taking advantage of these interest rates now while they're so low. We can help you find the lender you need to get the best rate possible.
- Take advantage of low interest rates.
- Make home improvements that add value to your home
- Get cash for a large purchase
- Pay for college
- Consolidate debt
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