Once you’ve built up available equity in your home, you may be able to use a portion of it to help pay for major expenses, such as home improvements, debt consolidation, education or to finance other large expenses.
This loan allows you to borrow based on the value of your home, minus the amount you still owe on your mortgage. It is a single lump sum loan for a set amount.
Home equity loans are great for short-term, fixed expenses, like home renovations, vacations, or debt consolidation.
This line of credit is also based on the value of your home, minus the amount you owe on it and allows you to use the equity in your home as needed. Although you qualify for a set line amount you’ll only repay on the amount used.
A home equity line of credit is perfect for home projects that require you pay multiple companies, recurring payments such as college bills, or to simply have funds available should an emergency arise.
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