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Use Your Home Equity

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A MoneyTips Guide to Home Equity Loans

We’re often told that one of the biggest reasons to become a homeowner is to pay yourself and not give away our hard-earned money to a landlord. Now that you’re a homeowner, you may be wondering how to access all that money you’ve kept from a landlord – without selling your home. The answer: Tap...

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two houses looking at differences between HELOC and Home Equity Line of Credit

Home Equity Loan vs. HELOC: What’s The Difference?

If you’re a homeowner and need money, one of the most affordable ways to get it is to borrow against your home’s equity. While there are different options available, like a cash-out refinance, the two most common options to access your home’s equity are a: Home equity loan Home equity line of credit (HELOC) Let’s...

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What Is a Home Equity Line of Credit?

Have you been looking out into your backyard and wishing there was a pool there? Or maybe you’ve been wanting to turn that dark, dingy basement into your go-to hangout spot. Home improvements can be a great long-term investment, but they usually come with high upfront costs. If you’re like us and don’t have tens...

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Red and white monopoly houses

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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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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Renovated kitchen.

HELOC vs. Personal Loan: What’s the Difference?

When you have a big project in mind – like installing a pool in your backyard or paying off a bunch of high-interest credit cards – you’ll need access to cash. That’s where a home equity line of credit (HELOC) and a personal loan can come in. Both options can provide access to the money...

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Bedroom interior

How To Use a Home Equity Loan To Buy Another Home

Real estate can be a worthwhile investment, so it makes sense to consider purchasing more of it. If you own a home and are thinking of buying a second property, it’s important to be familiar with ways to fund the purchase, including with a home equity loan. To make a larger down payment or purchase...

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Rainbow block shapes

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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Woman with home business

How To Start a Home-Based Business: Small Business Startup Loans and Financing

Since the start of the COVID-19 pandemic and nationwide lockdowns, more Americans have been working from the convenience of their homes.  But what if you want to be your own boss from the convenience of your home?  Statistically speaking, you’ve got lots of company. Of the more than 32 million small businesses in the United...

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house with rainbow strands

How Long Does It Take To Get a HELOC?

Sometimes you need money. Maybe an emergency has come up. Or, lo and behold, you didn’t save enough to pay for that trip you want to take. The million-dollar question becomes: How will you get the extra funds?  If you’re a homeowner, one option is to tap into the equity in your home by taking...

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Stylish apartment living room

Should You Consider a HELOC on Your Investment Property?

If you own a second home that you rent out – a full-time rental property or another investment property – you may wonder how to get the most value from your real estate investment. One way is with a home equity line of credit (HELOC). As the name suggests, you can use this type of...

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man on computer working out mortgage loan modification

How the Mortgage Loan Modification Process Works

Have you missed one or more mortgage payments and can’t refinance your mortgage? In that case, you may be eligible for a mortgage loan modification. While this type of mortgage modification program is normally used as a last resort, after all other refinancing avenues have been exhausted, a modified mortgage loan can help you stay...

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Should I Get a Home Equity Loan or Refinance?

When you own a home, you have a few ways to tap into its value. Once you’re tapped in, you can use that equity to upgrade your home or save some extra money on your mortgage. Enter your new friends: home equity loan and cash-out refinancing. Both options are highly dependent on the value of...

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How To Get a Home Equity Loan With Bad Credit

If you need money for renovations, repairs, emergencies or debt consolidation, a home equity loan is a great way to borrow the money you need at a low interest rate. But, if you’re dealing with bad credit or other money issues – like a high debt-to-income (DTI) ratio or not having enough home equity –...

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happy woman opening the door once she hears tips for a second mortgage

5 Tips for Getting a Second Mortgage

Whether you’re thinking about going back to school or making a major repair on your home, you’re probably asking yourself one very important question, “Where am I going to get the money to pay for this?” If you’re like most Americans, you may not have a ton of money stashed away in savings. A recent...

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