The Many Hats of Home Equity
What do you wan the equity in your home to do?
Chances are, it can do it. Your home equity can wear quite a few hats and work for you in many ways.
The Debt Consolidation Hat
Putting on this hat can help you reduce or eliminate high-interest debt. This is one of the most popular uses for home equity because of two fantastic home equity loan advantages. The first is that home equity loans and lines of credit generally have lower interest rates than other types of loans. That's because the loan is secured by your ownership in the home. Secondly, using a home equity loan or line of credit can give you significant tax advantages. To find our more about these tax benefits, consult you tax advisor.
The Home Improvement Hat
When your home equity wears the "home improvement hat," it gives you a tax-sheltered way of increasing the market value of your home. The best strategy is to plan wise home improvements that actually have the potential of increasing the value of your property. You may want to consult various experts such as realtors and contractors to investigate the types of home improvement projects that increase property value. When you use your loan for home improvements or to purchase another home, the tax advantages can be even greater than with home equity loans granted for other purposes. Consult you tax advisor to learn more about these tax savings.
The Education Hat
Using you home equity to increase knowledge is wise indeed. The "education hat" of home equity can let you invest in your future or the future of a loved one by paying for an education. The potential rewards are a brighter future and better paying job. In addition, your home equity loan can pay for education expenses when you may not qualify for government education loans.
Home equity can be used to pay for many other things such as, major purchases, vacations, furniture, medical costs, business expense, and more. If you are considering a home equity loan or line of credit, please call us at
800-458-7004 x 13 to learn more. We will help you with the financing option and the hat that fits you.
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