Minneapolis Minnesota home improvement loan

Minneapolis Minnesota Home Improvement Loan?

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Options 1(a+b) and 2: IF YOU OWN A HOME

If you own a home, then you have an asset that gives you the option to (1a) take out a home equity loan or (1b) line of credit, or to (2) refinance your house and take cash out. Options 1a and 1b are typically better options if the interest rate on your existing first mortgage is lower than first mortgage rates available now which is probably NOT the case, given that rates today are at their lowest in over 50 years. They are also better options if you only need a small amount of money or have little or no equity in the property. Some lenders let you borrow as much as 125% of the value of the property. With any of these three types of loan, here are . . .

Home Equity Line of Credit -- Advantages: you borrow only what you need; you pay interest only on what you borrow; you have very flexible access to funds; and your interest may be tax-deductible. Disadvantages interest rates can change, which means they can go up; payments can therefore change; it could be harder, later, to refinance your first mortgage.

Home Equity Fixed Loan Advantages: your payments are fixed; interest may be tax-deductible. Disadvantages: the interest rates are higher than on first mortgages; it could be harder to refinance your first mortgage down the road.