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As a homeowner, you can use the value built up in your home to pay for one-time or ongoing expenses. Smart use of this asset starts with understanding how home equity works and with selecting the right home equity loan to fit your needs.

When you use your home equity for a loan or line of credit, you’ll typically pay a lower interest rate than other financing methods such as unsecured loans and credit cards. The interest paid may be tax-deductible (consult your tax advisor). Using your home equity is a popular and viable funding alternative, especially if you want to avoid using your savings to take care of these expenses.

Using your home equity allows you to:

  • Utilize the benefits of home ownership
  • Take advantage of lower interest rates compared to other financing methods
  • Keep your savings intact

What can I do with my home equity?

Your home equity ensures you have the financial resources available when you need them. Use your home equity to fund:

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