what can i use a home equity loan for

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A HELOC or home equity loan can be used to consolidate high-interest debts to a lower interest rate. homeowners sometimes use home equity to pay off other personal debts such as a car loan or a.

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A home equity loan allows you to borrow the equity – the amount your home is worth, minus the amount you owe – through what is called a cash-out refinance. Basically, this means you take out a new loan on your home which includes the balance you owe, plus the amount of equity you want to borrow.

A home equity loan can be a good solution here. A home equity loan is secured by your primary residence, so as far as your lender is concerned, the second home doesn’t even enter the picture. All they care about is whether your credit, income and primary residence can support the loan – you can do whatever you want with the money.

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You can access your line of credit using a card or checks, but there may be a minimum borrowing limit depending upon your lender. And, at the end of the draw period, you’ll have to pay the entire loan.

Technically, you can use a home equity loan to pay for anything. However, most people use them for larger expenses. Here are some of the most common uses for home equity loans. Remodeling a Home: Payments to contractors and for materials add up quickly.

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You can use home equity loans to improve or remodel your home, cover college tuition costs or pay for medical or vacation expenses, to name a few examples. The money can be used for virtually anything, but if you want to use it for frivolous purposes, think twice.

Maybe you’d like to improve your home by remodeling or adding more space. Those uses and more can be financed using a home-equity loan (HEL) or home equity line of credit (HELOC). But is it prudent to.

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