If you’re making a major purchase, home equity financing may be a more practical way to pay for it than using cash, credit cards, or other types of financing. Consider a home equity loan or line of credit for:Improving your home. Not only can improving your home make it more appealing for you to live in, but it may make it more valuable as well. The increased value of your home after renovation may be enough to
offset the cost of the project.A second home. If you’re in the market for a vacation or investment home, the equity in your current home can be a good source of down payment and closing funds for your purchase.
Education. A home equity line of credit gives you the flexibility to pay for tuition, room and board, books, and all the other costs of putting your kids through school.
Big events. Life is full of big events with big price tags. Whether you’re looking forward to a wedding, a new baby, or a family trip to Hawaii, home equity financing can make paying for them easier.
