Home equity loans let you borrow against the equity you’ve built in your home. For example, if your house is worth $500,000 and you owe $300,000 on it, you’d have $200,000 in potentially tappable equity.
“By obtaining a home equity loan, homeowners can access a lump sum of money upfront, typically at a fixed interest rate, and make regular payments over a predetermined term,” says Dino DiNenna, real estate broker at Southern Lifestyle Properties.
Homeowners often use the funds from home equity loans to buy second homes, invest in home renovations or consolidate debt. In current times, amidst high costs an…
Read the full article at: https://www.cbsnews.com/news/best-home-equity-loans-for-debt-consolidation-2023/