what can you use a home equity loan for

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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.

“The tanks you might put in your car would cost around $5,000. What does a gas tank cost, $200? You can’t sell a $30,000 car.

Bridge Loans. A bridge loan is a short-term loan, usually secured by the equity in your old house, that gives you the money you need to close on a new house. Once you’ve closed on the new house, you can sell your old house and use the proceeds to pay off the bridge loan.

A home equity loan is a type of second mortgage. Your first mortgage is the one you used to purchase the property, but you can place additional loans against the home as well if you’ve built up enough equity. Home equity loans allow you to borrow against your home’s value minus the amount of any outstanding mortgages on the property.

A home equity loan – also known as a second mortgage, term loan or equity loan – is when a mortgage lender lets a homeowner borrow money against the equity in his or her home. If you haven’t already paid off your first mortgage, a home equity loan or second mortgage is paid every month on top of the mortgage you already pay, hence the.

 · Using home equity to pay for a major purchase can make financial sense. home equity loans often have low interest rates, and interest payments are.

 · One such way is utilize the equity in your home. A home equity line of credit allows you to tap into the equity in your home. This seems like an attractive way to address credit card debt to many because rates on home equity lines of credit are usually a lot lower than the interest on credit cards.

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Economic advantages – including higher income, less debt, more home equity and retirement. offer credit builder loans, and.