If you’ve been making payments on your mortgage, you have likely built up equity in your home. Not only does that mean you’ve paid off a portion of your house, but the equity may also be used as a resource when you need it. There are two ways to use your home’s equity to your advantage: Getting a home equity line of credit, or HELOC Borrowing a home equity loan But which one is best for you? To start, it depends on your unique situation and your goals. HELOC vs. Home Equity Loan Comparison In order to understand the differences, along with the pros and cons of each, let’s compare… read more »
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Home Equity Loans In 2019 – What Are They And How To Qualify?
Most of us know there are many advantages associated with being a homeowner including utilizing the equity in your home in the form of a home equity loan. Of course, being a homeowner doesn’t automatically qualify you for a home equity loan. You must have a certain percentage of equity, the income and credit to support the loan. This article will walk you through what a home equity loan is, discuss pros and cons, and outline what you may need to qualify for a home equity loan in 2019. What Is A Home Equity Loan? A home equity loan is a loan you take out against the equity in your… read more »