This usually means choosing loan options that come with low fees and a competitive interest rate, and of course making sure you're borrowing for reasons that will benefit you in the long run.
Considering a home equity loan? Our partner LendingTree can help find the best offers available to you » After all, some banks offer home equity loans with rates as low as 5.49%. It's not difficult to imagine how much you could save — and how much faster you could pay down debt — if you transferred high interest credit card bills to a home equity loan with a rate that's less than a third of what you'reImagine you have $10,000 in credit card debt at 17% APR.
Many consumers use home equity loans to make important home improvements or upgrades. This tends to make sense since you're using your home equity to improve your property, whichSome home improvements tend to have a higher payoff than others. According to Remodeling Magazine's, upgrades with the highest rate of return include a garage door replacement , manufactured stone veneer , and a minor kitchen remodel .
If you love your home but simply need more space, adding a family room, a bathroom, a mudroom, or a bedroom could help you score the square footage you need. A home equity loan can help you fund the project without tapping in your personal savings.If you are angling to become a landlord or purchase commercial property this year, you can expect to pony up a big down payment. In lieu of tapping into your personal savings, you could use your home equity to get the cash you need.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »