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home equity loans

spel Posted: Feb 17, 2005 05:12 PM+

spel MEMBER SINCE: 7/02 TOTAL POSTS : 1187 WEDDING DATE: Oct 25, 2003

Posted: Feb 17, 2005 05:12 PM

home equity loans

has anyone gotten a home equity loan? i know nothing about them, but we're thinking it may be an option for some home improvements we'd like to make in the spring. can anyone fill me in on how exactly they work? requirements? amounts? rates?
thanks!

luvsun27 Posted: Feb 17, 2005 07:50 PM+

luvsun27 MEMBER SINCE: 9/03 TOTAL POSTS : 2887 WEDDING DATE: Apr 17, 2004

Posted: Feb 17, 2005 07:50 PM

Re: home equity loans

Posted by spel

has anyone gotten a home equity loan? i know nothing about them, but we're thinking it may be an option for some home improvements we'd like to make in the spring. can anyone fill me in on how exactly they work? requirements? amounts? rates?
thanks!

My suggestion would be to go with a home equity line of credit rather than a loan. A line...will usually be a variable interest rate (prime + a %), but you only pay interest on the amount you borrow. It works like a credit card...against the equity in your home. The interest is tax deductible...so that works to your advantage come tax time.