Whether you are remodeling your kitchen, consolidating several big debts, or paying for your child’s college tuition, a home equity loan can be one of the most cost-effective ways to borrow money. Interest rates are lower on mortgages than on almost any other type of loan. But how do you know if you can qualify for a home equity loan? Here’s what you need to know to be approved for one of these popular loans: How a Home Equity Loan Works A home equity loan is a second mortgage. It uses your home as collateral and allows you to borrow against your existing equity. Your equity ...
March 18th, 2020 | Home Equity, How Can I Qualify for a Home Equity Loan?
Whether its remodeling a kitchen or bathroom or building a new deck outside, most homeowners will eventually want to make changes to their homes. While these improvements usually cost much less than it would to buy a new home, they can still be expensive. For example, even minor kitchen remodels cost an average of $21,000 in 2018, according to Remodeling Magazine, with mid-range kitchen updates averaging as much as $64,000. Many homeowners do not have that kind of cash lying around. Fortunately, there are at least four different ways to pay for a home improvement project. Home Equity Loa...
January 8th, 2020 | Home Equity, HELOC, How to Pay for Your Home Improvement Project