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10721 Jackson Lane, Frisco TX 75035

Phone: (214) 387-0683       Fax: (214) 387-0185       Email Us

 

 

 

 

Home Equity Loans - What You Can Do With The Money

 

Here is a list of some of the ways you can use the money from your new home equity loan.

Debt Consolidation

One of the primary reasons people take out home equity loans is to pay off other debts, such as credit card, personal loans, installment loans, etc... Even though the interest rate on a home equity loan is often higher than that of your original mortgage, it is still significantly lower than the interest rates on some credit cards. Imagine the time and money you can save by taking out a home equity loan at 9 or 10 percent to pay off your credit card which has an interest rate of 17.

However, chances are if you find yourself in credit card debt to begin with, you could risk building up another, maybe larger, debt on your home equity line of credit, so be careful. To reduce the chances of this happening, you may want to cut up all of your credit cards except one or two, stop carrying them around, and use cash more often.

Home Improvement

You can take out a home equity loan to make renovations on your current home. By doing so, you can possibly raise the appraisal value of your home, thus increasing your equity and the price of your home if you plan to sell. Beware however, that some lenders may not give you a home equity loan if they know your house is on the market, or they may charge you a fee for doing so. Before taking this route, consider if a credit card or a personal loan might better suit your needs.

Education

With the costs of a college education continually increasing, more people are turning to home equity loans to help cover the costs, especially if their family income is too high to qualify for government financial aid. Often, a college education is well worth the investment if it might secure the borrower a better job in the future.

Anything You Desire

Having a home equity loan can be a real life saver if you find yourself in a medical emergency or if you lose your job. Additionally, because the interest on a home equity loan is tax deductible and may come with lower interest rates, it may be a good way to finance large purchases like a new car.

 

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OPEN MORTGAGE
10721 Jackson Lane, Frisco TX 75035

PHONE:
214-387-0683 EMAIL: info@brown-lending.com


 

"Your reliable Dallas Mortgage Broker and specialist on Texas Mortgage Rates and Home Mortgage Loans."