home equity uses

There’s no right or wrong way to use your home’s equity. But remember, because home equity loans and HELOCs are secured by your home, you always want to be sure that your loan can be paid back.

Home Renovations
You can use your home’s equity to make home improvements and major renovations. Some popular home improvements include:

• Adding a room
• Remodeling a kitchen
• Replacing a roof
• Landscaping
• Making energy efficient modifications

Debt Consolidation
You can use your home’s equity to consolidate debt from high rate credit cards. A lower-interest home equity loan or line of credit will save you money every month in finance charges.

Life's Expenses
Your home’s equity can give you affordable access to funds for:

• College expenses
• New car
• Medical emergency
• Unexpected expenses
• Vacation