Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Home Equity Loan Tips and other Mortgages topics.

What can I use my equity loan for?

Renovate Your House with a Home Equity Loan

Here are some suggestions for using your home equity loan:
* Expand or renovate your house.
* Finance your child's education.
* Consolidate debts into one payment, at a lower interest rate.

These are great benefits for American consumers. But before deciding on home equity loans, be an informed consumer as well. The big risk of taking out an equity loan is losing your house, if you get way over your head with debt and fail to meet your monthly payments. A second mortgage, or equity loan, is for big-ticket items that are an investment, not for frivolous spending and purchases you can do without.

Comments

Nobody has commented on this tip yet. Be the first.

Ask a Question

Not finding the advice and tips you need on this Mortgages Tip Site? Request a Tip Now!

Guru Spotlight

Tammi Reynolds

Ever wonder how you could make your life better and more fun? So have tens of millions of fans who have turned to LifeTips for answers over the past decade. We keep the tips, advice, books, podcasts and writing services flowing, so you can keep your life and business growing in the right direction. Upward!