A home equity loan can be used by a borrower to convert equity in to cash to finance major expenses such as home repairs, medical bills or college education.

 

Features:

 

  • Home equity loans come in two programs: a cash out refinance where you increase the balance of your primary mortgage, or as a separate, second loan called a Home Equity Line of Credit.
  • Home equity loans are offered in a variety of adjustable and fixed rate programs.

 

Benefits:

 

  • Use your home equity to your advantage! Get money out of your home and use it for anything you want.
  • Make home improvements to increase the value of your home, pay for college tuition, pay off high interest credit card debt, or buy a vacation home.

 

Things to consider:

 

  • Mortgage interest for your home is tax deductible, so paying off high interest credit card debt can be financially advantageous.