A common misconception is that you can only use money from a home equity loan on improving your home’s value, but you can use the funds for just about anything you’d like. A home equity loan allows you to borrow against the value of your home and use it as collateral – plus it often has better rates than a personal loan and can provide a larger amount of funds.
Here are three different ways you can use a home equity loan.
Renovate Your Home
Instead of only focusing on home improvements, use your loan to add things that make you happy. Add the backyard pool you’ve always wanted, make it more accessible for family members, or install efficient appliances.
Pay for a Wedding
Take some stress out of your big day by using a home equity loan to pay for your wedding. You can use the funds to budget ahead of time and decide what you need or pay for event after the fact.
You can also use it to cover multiple expenses, like rings, a honeymoon, or parties.
Go to School
Want to go back to school but don’t have the funds for a degree? Use your loan to continue your education. You might get a better rate than with a private student loan and can pay off your debt sooner.
You can also use it for your kid’s education and have better rates and payment options than student loans.
Consider a home equity loan for any life’s major events – not just home improvements. For a limited time, enjoy reduced fees* when you get a Home Equity Loan. Contact our Mortgage lending team if you have any questions or to apply.CONTACT US