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5 Reasons to Get a Home Equity Line of Credit

A home equity line of credit is a way of taking the equity that you have in your home so that you can put it to good use. It is important that you use this money wisely and not waste it on frivolous spending. You should take the equity in your home very seriously. It may seem like it, but the quick money you get from a Home Equity Line of Credit is not at all easy money. It is all of your hard earned money that you invested in your home.

It takes you a long time to build up equity in your home, therefore you should be very careful and take your time to make a wise decision as to what you are going to do with the money you receive from your Home Equity Line of Credit. Just as you would do with mortgage loans, you want to be certain you understand all of the terms, conditions and fess associated with your Home Equity Line of Credit. It is a big decision to make when you choose to get a Home Equity Line of Credit therefore this decision should be well thought out.

The first reason to get a Home Equity Line of Credit is so that you can make improvements on your home. When you use the equity in your home to build more equity in your home, you are making a good decision. Making improvements to your home not only makes it comfortable for you but it also adds to the value of your home.

The second reason to get a Home Equity Line of Credit is to pay college tuition for your kid. If you find that you may need more money than you already had saved for your kid’s education costs, you can use the equity in your home to help you meet the financial needs of your kid’s education.

The third reason to get a Home Equity Line of Credit is the easiness of accessing your funds. Once you have applied for your Home Equity Line of Credit, your bank will give you a checkbook that can access the funds from your loan. This way whenever you need to use the money from your loan, you can just write a check for it. You won’t have to worry about waiting for the funds to be made available to you.

The fourth reason to get a Home Equity Line of Credit is the ability to use the equity in your home without having to sell it. If you find that you are in need of cash fast, you won’t have to sell your home to get it. You can simply get a Home Equity Line of Credit and get the money you need from the equity you have accumulated in your home.

The fifth reason to get a Home Equity Line of Credit is the ability to get rid of a high interest loan. If you are caught up in a loan with a really high interest rate, you can use the equity in your home to pay off that loan and only have to deal with the interest rate of your Home Equity Line of Credit that will most likely be lower than the loan you will pay off.

National Rate Averages

Mortgage Rates

Home Equity Rates

Product Rate
HELOC 4.891%
Home Equity
Loan - 10 yrs
6.701%
Home Equity
Loan - 15 yrs
6.905%
* Updated Jun 8, 2012