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:
Member since
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.
