Equity? What is that? If your home is worth $100,000 and you owe $60,000 on your home loan, you have equity of $40,000. Having equity is a great statement of how hard you’ve worked to own your home. It’s also a great way to secure a loan for those projects and goals, planned or not, that you’re wanting to accomplish. A home equity loan or line of credit can be used for just about anything!
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Home Equity Line of Credit
Line of Credit – gives you quick access to your funds. You’re approved up to a certain amount, and you can request funds (minimum $1,000 per request) as you need them. The interest you pay is only calculated on the balance owed on your line of credit. Pay your balance down and you can re-borrow without a new loan application!
Home Equity based borrowing may provide a tax deduction benefit for you. Please check with your personal tax advisor for specifics, as tax deduction rules may change from year to year or may vary for your individual tax situation.