Put Your Home Equity to Good Use

Read: Why it might not be a good idea to combine a mortgage that’s almost paid off with a home-equity loan Read: Why You Should Not Use. your comments to colorofmoney@washpost.com. Please include.

Put Your Home Equity to Good Use. With home values enjoying a steady rise over the past several years, most Americans have witnessed a return of home equity, and many are leveraging that equity toward other important financial goals.

Don’t forget that your home equity line of credit is tax deductible if the loan amount is below $100,000. That rule applies to home equity loans too. So if you can’t decide whether you need a HELOC,

A home purchase brings. do better at increasing equity, especially if you pay with cash instead of via a loan. Paying more can be a good option. If you decide to do this, make sure the extra money.

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Renovations Considered one of the top reasons people use their home equity funds, home improvements can actually be a good use of home equity funds. But after prodding from lobbying groups, the Internal revenue service clarified that borrowers could still use the deduction, as long as it’s for home improvements.

While it can be a useful financial tool, it is definitely not a good idea for everyone. Not only does a home equity loan come with monthly payments which can be quite high, it also can put your..

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"I feel it is a viable alternative, and a very important alternative, for people who have no other options, and this is a good one for them because if you’ve got the equity in the home why not use.

A home equity loan allows you to borrow part of the equity you have built up in your home. This can equate to a large sum of money if you have lived in your home a long time. The equity is the amount of money a buyer would pay to purchase your home minus the outstanding debt you carry on it.

If you took out a home equity loan for that amount, you could apply it to your first mortgage and reduce the balance to zero. Save About $6,600 in Interest and Enjoy a Lower Monthly Payment If you let your 15-year loan play out as scheduled, you’d pay roughly $104,000 in interest over the full term.