SaveMillions Logo

Company InfoContact UsHelp  
Search  

Learn... Plan... Get a Home Equity Loan!

Home Equity Loan Considerations
  Loan versus Line of Credit (HELOC)
  How to find the best deal
Calculators
  Are you better off refinancing? (RBC Centura)
Tools
  Learn your home's worth with the Zestimator
  Check current lending rates at Bankrate, Lendingtree, or Mortgagerate
  Estimate your closing costs (RBC Centura)
Borrowing from your home's equity

This section discusses home equity loans and lines of credit. It's important that you learn about the various financing options, tax advantages and how to shop for the best loan for your needs.

Home equity loans and lines of credit are increasingly becoming the debt of choice for big-ticket purchases, such as home improvements, college tuition, new cars and even paying off other debt. The primary reason seems to be that the interest on most home equity loans is fully deductible on your tax return while interest on other forms of consumer debt is not. Of course, the rate charged may often be better than other loans or credit cards, and it's often easier to qualify for the loan since your using you're using your home's equity as collateral.

Responding to this increased demand, banks are offering a wide array of enticing options to make it easier for homeowners to borrow their equity. Follow the links below to learn what you need to know before taking out a home equity loan or line of credit.

Depending on how much you are borrowing, how much equity you have in your home, and the terms that you can get, it might be more advantageous to consider refinancing your mortgage with what's called a "cash-back" option. This allows you to potentially get the cash you need and structure a new mortgage with payments close to what you currently pay.

Get Answers
  FAQ on homeownership, mortgages and home equit loans
  Ask our experts
  Article archive
Most Popular Articles
  Financial Literacy 2007: Dealing with home equity wisely
  Financial Literacy 2007: Home equity loan strategies - overview, take action, and tools and resources
  4 steps to take before borrowing
  Home equity borrowing pros and cons
  Using home equity line of credit for an emergency fund?
Most Recent Articles
  These home-equity loans come with big risks
  Keeping liquid in a home-equity freeze
  Lenders cut off the home-equity tap
  Making home equity work for you
  What type of loan suits you best? and other ways to tap equity
  Hurdles facing home equity borrowers
  What (home equity) lenders look for
  Making home equity work for you and 5 bad borrowing decisions
  Understanding cash-out refinancing
  What home equity debt is
  Your home, your ATM (using home equity to pay other debts)
  Pay off second mortgage with 401(k) loan? No!