home equity loans

Drawbacks of Home Equity Loans

shannonjones Real Estate Leave a Comment

When you need a quick source of funds, a home equity loan can be tempting. Done wisely, you can use the lower-interest debt secured by your house to pay off debts with high interest rates, like credit cards. It’s also a good choice if you know exactly how much you need to borrow for a big expenditure like a new kitchen.Home equity loans aren’t always the best choice for accessing cash. The best use for home equity is to buy things that will contribute to your home’s value, like a needed remodel, or your family’s future income, like a college …