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Before you decide to use your house as a collateral, you should also consider the pros and cons of a home equity loan or line of credit.
Home Equity loans and lines of credit can be used to pay for a variety of things including major renovations, debt consolidation, college tuition, major purchases and more.
Consider the benefits
A Home Equity loan or line of credit gives you cash that you can use any way you wish. You can:
Borrow up to 89.9% of the fair market value of your home.
Interest rates are typically lower than credit cards and other loans.
how much money you want to take out.
The interest paid may be tax-deductible; consult a tax professional to assess your situation
Understand the risks
Since a Home Equity loan uses your home as collateral, you also need to consider potential risks:
You can lose your home for missing payments.
The maximum amount borrowed is a portion of your home's value which is determined by the market so if the market takes a down turn you can owe more than your house is worth.
Take the next step
To find out if a Home Equity loan or line of credit is right for your situation, contact any of our brokers/consultants today.
We provide full and specific solution for every deals & you get full support from us.