Pros And Cons Of Home Equity Loans

One of the benefits of homeownership is being able to tap into the equity in your property and use it as collateral for a loan when money is needed to pay for major expenses such as home improvements or debt consolidation. Funded in a lump sum and paid back over five to 30 years at a fixed interest rate, home equity loans can be a good choice for these types of large cash needs.

However, there are also some drawbacks to consider before proceeding with a home equity loan. Here are the pros and cons of home equity loans.

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