The Smart Way To Pay For Life's Major Expenses
Your Home Has Equity
Home equity financing can be a smart, cost-effective way to fund major expenses. Using your home's equity can provide you with funds at a lower interest rate than other kinds of loans, like credit cards and personal unsecured loans and is a great way to maximize your property investment.Common Uses For A Home Equity
Home equity financing tends to make the most financial sense for expenses that are significant, somewhat unavoidable, or that add long-term value. Common uses include:
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When it comes to home equity choosing the most sensible financing option depends entirely on your unique situation.
Home Equity Line Of Credit (HELOC)A Home Equity Line of Credit (HELOC) is an adjustable-rate loan and acts as a revolving credit line allowing the borrower to take money out an as-needed basis. A HELOC may be the better choice when you have ongoing or uncertain expenses such as college tuition or a multi-phase home renovation project.
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Home Equity Loan (HELOAN)A Home Equity Loan (HELOAN) is a fixed-rate loan based on the equity in your home. Consider a HELOAN when you have a one-time, defined expense like a new roof or debt consolidation. |
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| Take Me To The HELOCs | Take Me To The HELOANs |
Still have questions about your options? Take a look at our helpful guide HELOC vs HELOAN - What's the Difference?