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home equity
Chapter 2: Decisions, decisions

Which type of equity loan is right for you? It depends on the purpose for the loan and how long you need the money.

The tax deductibility and low interest rates of a home equity loan make it attractive. What do most people use the money for? We look at the common reasons people borrow against their equity and also show which type of loan -- the lump-sum equity loan or the little-at-a-time HELOC -- is best suited to the purpose. We also point out the pros and cons of these loans in a simple manner.

What you can expect to learn from this chapter:

 

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Advice for homeowners looking for options to use their home’s equity wisely. Delivered monthly.

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Too soon for home equity loan?

Dear Dr. Don, I was wondering if it is possible to take out a second mortgage on my house to pay for my student loans. I've owned my house for about one year now, but I don't have much equity in the home. My student loan... Read more

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