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Posted October 30, 2020

‘Tis the season for presents, decorations, food, and a whole lot of spending. If you find yourself needing extra funds, consider a home equity loan.

A home equity loan is a specific loan that allows you to borrow against the value of your home. Home equity is a great way to get a large amount of funds because it typically has easier qualification than other loans and a low interest rate.

Here are three ways you can use your home equity loan this holiday season.

Home Renovations

Staying at home more often this year? Use your home equity loan to revamp your bathroom or buy new furniture to lounge more comfortably.

When you’re deciding on big improvements, keep in mind what will hold value throughout the years and be worth the cost. If you think the renovations will get in the way of your holiday celebrations, set the majority of the loan funds to the side and do smaller projects to spruce your home up for the time being.

Holiday Spending

Whether you need extra décor, food for parties, or have presents to shop for, you can use the loan to buy everything you need for the holiday season. Be sure to budget for your gifts to avoid overspending and use your money wisely.

Vacation

Plan that awesome family vacation you’ve always been dreaming of with your home equity loan funds. You’ll be paid in a lump sum, so you can buy everything you need upfront, or you can save the money to spend while on your break. Apply for the loan ahead of time so you can prepare accordingly and set the date for later in 2021.

 

Combine all three of these ideas, just pick one, or do something completely different with your home equity loan funds. Be sure to explore your options and know what is right for you. You can also apply online through A+FCU.

 

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