home equity

5 questions to ask before you tap into your home equity

5 questions before tapping home equity
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5 questions before tapping home equity | Hinterhaus Productions/Getty Images

5 questions before tapping home equity

Need to pay off that credit card debt? Or maybe massive college loans? It's easy to get lost in a sea of debt and look for the nearest available life raft. One option many people consider is borrowing against their home equity.

But if you can't make the payments, you could lose your home. Plus, if bad financial habits contributed to your debt, you could wind up digging yourself an even deeper hole. Before you start reaching for the equity in your home, ask yourself the following questions.

FREE TOOL: Let us help you whittle down what you owe using our loan repayment calculator.

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