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You've Got Home Equity: Reasons to Use It!

February 20, 2024 From home improvements to paying off higher interest debt, there are many ways to use a Home Equity Loan or Home Equity Line of Credit. Learn how you can use the equity in your home to make things happen. Get familiar with important financial terms, how home equity loans work, common uses, the application process, and other helpful resources. You'll leave with the confidence to choose the right option to meet your needs. You might also be interested in An easier, more affordable way to buy, build or refinance a home A house is one of the biggest purchases you’ll probably ever make. Which means you really (really!) want to be sure you’re getting the home loan that’s right for you, and that just might be a 15/15 Adjustable-Rate Mortgage (ARM)! But first, let’s look at some helpful background, starting with the two main categories of mortgages – fixed-rate and adjustable-rate. Home equity loan or line of credit (HELOC) — which one’s right for you? Thinking about making some home improvements this fall — or planning ahead so you’re first in line with your contractors next spring? Then you’re probably on the lookout for affordable financing. One option that could be a good fit: tapping into the equity of your home. Your home is your castle, your refuge and—let’s face it—a place where it can be very easy to sink a big chunk of money. Which is why you’re always on the lookout for “sweet spots”:  those home improvements that add comfort, safety or a little zing of style while you’re living in your house and will boost the asking price when it’s time to sell. And if you can find a way to save money on those improvements or cut home expenses at the same time, well that sweet spot just got a little sweeter! Buying your first home can be intimidating, so we asked real people to share their new homeowner tips. Find out their strategies to ace the homebuying process. Using less energy is good for the environment and it can help you save money on your monthly bills. Try these tips to reduce your energy use around the house. Use our three-step budget hack to clean up your house and yard without cleaning out your accounts. While you’re dreaming of the ways you’ll get your house and yard ready for spring, don’t forget to keep your budget front and center. It’s fun to get carried away by the thrill of mulch, plants and shiny new garden hoses. But not so fun to spend the summer digging out from under a big credit card bill. Here’s how you can own your spring cleanup in just three steps! Thinking about swapping your current house for a different one? Then it’s important to know just how much money you can actually borrow — especially if your hunt is happening in a hot market. Follow these four steps if you're considering a new mortgage. Yes, it’s possible to create the home of your dreams, and it may be easier than you think with a home equity loan. But how does it work? Get up to speed with these tips from our very own Kim Sponem. As you work on getting your house and yard ready for spring, take the time to do the same with your finances. Now is as good a time as any to organize your records, throw away old paperwork and take a look at your finances to see how you can improve in 2018. Read on for four home organization tips to help you live your best financial life. 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