Common Uses for Home Equity Loans
Published November 17, 2015 | Updated March 16, 2017
The number of ways you can use a Home Equity Loan is limited only by your ability to conceive them. Because home equity loans offer fixed interest rates that are lower than most credit cards, using your available home equity to finance large purchases, life events, or even emergencies is a smart way to go.
If you’ve never considered a Home Equity Loan, give it a thought! With terms ranging from 5, 10, 15, to 20 years, you can choose a term and payment that comfortably fits your budget. Oh, and did we mention there are unlimited uses for your Home Equity Loan Funds?
More Home Equity Loan Uses
Many homeowners use Home Equity Loans for home improvements, debt consolidation, or even as a financial safety net in case of emergencies. Here are a few other ways homeowners have used their Home Equity Loan funds.
School Tuition and Costs
As if private school and college aren’t expensive enough, tuition keeps rising every year. Using a Home Equity Loan to finance education costs can give you a fixed, low-interest rate with manageable payments.
Swimming Pool Loans
From digging a giant hole in your backyard to landscaping and patio furniture, installing a new swimming pool is expensive. A Home Equity Loan can help you get some of the best financing and interest rates available.
You’ve read about how much money there is to be saved with a solar panel energy system, but the initial costs can be daunting. A Home Equity Loan can get you in the solar game and save you big money over the long haul.
Recreational Vehicles and Campers
Love the outdoors or the idea of traveling? Some homeowners have used their home equity to purchase a motorhome, 5th wheel travel trailer, or camper, especially when RV dealership financing offers aren't very low.
If you have the available equity, using a Home Equity Loan to purchase a rental property can save you from the headaches of another mortgage. Best of all, the interest paid on your Home Equity Loan may even be tax deductible. Consult your tax advisor.
You work hard and deserve a getaway of your own. Why not use a Home Equity Loan to buy yourself the sanctuary you so richly deserve? And, when you’re not using it, you can rent it out to others and make it work for you!
Ready to Use Your Home Equity?
There are countless other uses for Home Equity Loans. No matter how you decide to use your Home Equity Loan funds, you can rest assured that you’ll save money by avoiding credit cards and other more expensive financing options.