Get a Fast, Free Home Equity Quote with Wizard of Loan
With a Home Equity Loan you can use your home as collateral to consolidate bills, make home improvements, buy a new car, plan a vacation, etc. The minimum amount available for a loan is $10,000, but you can borrow as much as $250,000. There are no closing costs or fees associated with the loan.
Positive Aspects: Home Equity Loans provide large amounts of cash at relatively low interest rates. This loan type also provides certain tax advantages that are unavailable with other loans. Ask your tax accountant for details on the tax advantages for you.
Negative Aspects: You are using your home as collateral. This puts your home at risk if you are unable to pay your mortgage on time. If you sell your home, you will be required by most plans to pay off your credit line at that time. This could leave you stuck in your home when you are ready to move.
Remember, there are other ways to borrow money without using your home as collateral. See Refinancing for more options.
Wizard of Loan - What you can expect from us: