10 uses for a home equity loan
Home equity can be used for more than renovating or fixing your home, including paying for college, consolidating debt and more.
Home equity loans are pretty straightforward: You borrow money against the amount of equity you have in your home. Equity is the difference between the market value of your home and what you owe on your mortgage. For instance, if the market value of your home is $150,000 and you owe $100,000, you have $50,000 in equity.
There is usually a lot of flexibility in how you use a home equity loan. Keep in mind: If you are thinking of selling your home in the near future, the home equity loan would be paid in full at the time of the sale.
Reasons to consider tapping into your home equity
Here are 10 uses for a home equity loan:
Advantages of home equity loans
Using a home equity loan can have several potential advantages:
Do you want to know more about home equity loans or how you can make the equity in your home work for you? Get the details on U.S. Bank rates for home equity loans.
1 U.S. Bank, U.S. Bancorp Investments and their representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.