Eight Great Ways to Use Equity

There's no place like home to help make your financial dreams become a reality. By leveraging the equity you've built in your home, you can get a home equity loan or line of credit at a great rate! And usually, the interest you pay on a home equity loan is tax-deductible.* Rather than letting your home's equity sit idle, put it to good use.

Here are some ideas to get you started:

1. Debt consolidation. According to the Consumer Credit Counseling Service of San Francisco, you have too much debt if you're spending more than 15% of your net income to repay unsecured credit (credit cards, student loans, etc.) With a home equity loan, you can repay your excess debt at a lower rate.

2. Home improvement. What a better way to make improvements to your home than by using the value of your home to finance the upgrades? Use a home equity loan to cover the cost of new roofing or siding, heating or cooling system upgrades, an addition or even a remodeling job. Depending on the project you choose, you may be able to recoup some or all of your improvement costs if you sell your home.

3. A new or used car. A low-rate loan from a new carmaker may sound like a good deal, but taking it means you'll miss the rebate. Plus, interest on car loans is not tax-deductible. Home equity loan rates are competitive with auto loan rates and you'll potentially get a tax deduction.*

4. Higher Education. A home equity loan can be an A-plus way to cover some or all of the costs of education, whether it's you or your children hitting the books. It's particularly handy if you're ineligible for financial aid (or if aid is insufficient).

5. Vacation. With a home equity loan, you can book and enjoy a vacation now and spread you payments out for months afterward. Plus, Uncle Sam might even be willing to help defray your interest costs!*

6. New home furnishings. Update worn carpeting, window treatments or furniture with the latest in furnishings-your home equity loan makes it all possible.

7. A new boat or recreational vehicle. Why should the latest in motorized leisure vehicles be limited to TV game show winners? Indulge yourself, using a home equity loan, and enjoy your purchase for years to come.

8. Medical Costs. There's no need to drain your savings account to pay high deductible costs or for procedures not covered by insurance. Get the treatment you need when you need it and use your home equity loan to cover any extra costs.

Need Funds in a Flash?
If you don't have am immediate need for a home equity loan, consider arranging for a home equity line of credit. That way, you'll have funds available whenever they're needed. For more information, contact our financial institution today.

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