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Why
should I tap into my home’s equity?
It’s far less expensive to borrow money from the equity in your
home than to pay the high interest rates charged by credit card
companies.
How do I determine my home equity?
A Home equity is the difference between what your house is worth
and how much you currently owe (your mortgage debt).
What can I use a home equity loan or line of credit for?
You can use the equity in your home for major expenditures like
home improvements, automobiles, weddings, college tuition or a
dream vacation. You may also use it to consolidate high-interest
credit card debt. Furthermore, the interest on home equity loans
and lines of credit is often tax-deductible. Consult your tax
advisor for more details.
What’s the difference between a Home Equity Line of Credit
and a Home Equity Loan?
A Home Equity Line of Credit is a revolving line of credit that
works like a credit card. You use the money as you need it, repay
all or a portion of it and use it again as often as you’d like.
You only pay interest on the amount you use, and the interest rate
will fluctuate according to financial market conditions.
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