Home equity loans and lines of credit are increasingly becoming the debt of choice for big-ticket purchases, such as home improvements, college tuition, new cars and even paying off other debt.
It's easy to understand why. Interest on most home equity loans is fully deductible on your tax return while interest on other forms of consumer debt is not.
Responding to the increased demand, banks are offering a wide array of enticing options to make it easier for homeowners to get at their equity.
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In this tutorial we'll explain some of those options, look at the tax advantages and tell you how to shop for the best loan.
- Loan Versus Line of Credit
The correct choice will depend on your needs and self-discipline. - How to Find the Best Deal
Consider these factors to zero in on the best loan for you. - Full Refinancing
This can give you access to your equity and a cheaper interest rate. If you stay put long enough, the extra fees may be worth it. - Re-Shopping Your Mortgage
Learn how to get the best deal and avoid surprises. - Best home equity rates in your area
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