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Option of Home Equity Loans

Last updated: January 24 2007
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  • Option of Home Equity Loans

    If you need cash for your home rennovations, you can go for home equity loans rather than personal finance schemes. I came across so many advantages of selecting home equity loans as an option, while deciding of taking a loan. Surely, I will share all that with you readers:

    Interest savings - Home equity loans and lines typically have much lower interest rates than other types of financing, such as credit cards and personal loans.
    Tax benefits - Just like your first mortgage, the interest you pay on a home equity loan or line is usually tax-deductible. Consult your tax advisor about the deductibility of interest.
    Financing Major Expenses - If you’re making a major purchase, home equity financing may be a more practical way to pay for it than using cash, credit cards, or other types of financing.
    Consolidating Debt – Using the equity in your home to pay down/off debt could allow you to take advantage of three valuable benefits: simplicity; lower monthly payments & improved credit.
    Market value of Your home - If u are using the loan amount on your home renovation, then ultimately the market value of yor house will automatically be increased... great isn't it
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