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Home Equity Line of Credit

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Is a Home Equity Loan a Good Idea?

One of the benefits of homeownership is that you can access your home’s equity.  Home equity loans are one of the most popular ways to borrow money against the equity you’ve built in your home.  While home equity loans can be an excellent resource in certain situations, they do come with some risks for homeowners....

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Do You Need a Home Appraisal for a HELOC or Home Equity Loan?

We’re not saying your home is a literal ATM, but if you take out a home equity loan or home equity line of credit (HELOC), you can withdraw from the equity locked inside your home to pay for home improvements, medical expenses or school expenses or to consolidate your debt.  Of course, the process isn’t...

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A Guide to HELOC and Home Equity Loan Closing Costs

Home Equity Lines of Credit (HELOCs) and home equity loans are two of the most popular ways for homeowners to borrow money at low-interest rates. HELOCs give a rolling line of credit with a variable interest rate, while home equity loans provide a lump sum upfront with a fixed rate.  Each loan type has financial...

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What Is a Fixed Rate HELOC and How Does It Work?

There are many reasons to explore applying for a home equity line of credit (HELOC). Maybe you want to consolidate your debt, pay tuition or finance home improvement projects. No matter how you spend the money when you use a HELOC, you’re taking advantage of a more flexible, less expensive way to borrow a large...

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How To Get Equity Out of Your Home

Your home equity works a lot like a piggy bank. It’s a great place to go when you need money to pay for major expenses like home improvements, medical costs, or college tuition. Home equity is how much of your home you own – it’s your home’s market value minus what you owe your lender...

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Refinancing a Second Mortgage: What To Know

Have you been thinking about trying to save money by refinancing your home equity loan, home equity line of credit (HELOC) or another second mortgage? If interest rates are lower than they were when you first took out your loan, you can save money by lowering your monthly mortgage payment or shortening the loan’s length...

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Mortgage Subordination, Explained

If tapping into your home’s equity is in your future, so is a whole lot of paperwork. And whether you’re taking out a home equity loan or a home equity line of credit (HELOC) (both are types of second mortgages or junior liens), you may be presented with a subordination agreement to sign at closing....

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How To Pay for a New Roof: Financing Options To Consider

We all want a roof over our heads. But what if something happens to the roof over your head, and you need to pay for a roof replacement?  Roof replacements can get pricey. In 2022, U.S. homeowners spent between $5,619 and $11,949 putting new roofs on their homes. And the cost of replacing a roof...

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Types of Mortgage Refinance and How To Choose the Best One for You

If you’re a homeowner, you’re probably wondering if there’s a way to get a better deal on your mortgage. After a couple of years of homeownership, you may have better credit and more income than you did when you first bought your home. So why not get a better mortgage than the one you started...

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Is HELOC Interest Tax Deductible?

Need some extra cash for a home repair and have equity in your home? You might want to look at a home equity loan or a home equity line of credit, also known as a HELOC. Both are second mortgages and both are great options. You’ll find some differences between a home equity loan and a...

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Can I Use a Home Equity Loan To Buy Another House?

If you own a home and are thinking of buying a second one, a home equity loan might be a great way to do it. If you’re looking to make a larger down payment or purchase a second home or investment property outright, you can borrow against the equity in your existing home by using...

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All You Need To Know for Home Equity Loan Debt Consolidation

Chances are you’ve got some high-interest non-mortgage debt that you’re dealing with. If you do, you’re not alone. In the U.S., credit card debt alone is around $860 billion. That high-interest debt can cost you a lot of money every month.  But if you’re a homeowner, there may be a solution available to you. You...

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