Money Saving Loan TipsEquity Loan Facts
Home equity loans are second mortgages.
You can usually get approved for a home equity loan even if you have bad credit.
They are most often used for home improvements, car purchases or to consolidate credit card and other high interest rate debt.
All interest paid on a home equity loan up to $100,000 is usually tax deductible (check with your accountant to make sure).
You can borrow more than your home's worth (up to 125%) depending on your credit and what state the property's located in.
Beware of balloon payments. Most people avoid balloon payments, so remember to ask your lender if the loan you're interested in has a large balloon payment.
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