There are countless reasons you may need access to money. Whether you have home repairs that need to be made, high interest debt that needs to be paid off or a wide range of other expenses to cover, your home may provide all the liquidity you need. That liquidity can come by the way of home equity, which is the difference between your home's value and the money you owe on it. For example, say your home is valued at around $400,000 and you only owe $100,000 on it.
It's important to note that while shorter repayment periods come with higher monthly payments, they offer substantial long-term interest savings. So, you should weigh the pros and cons of different HELOC repayment periods before you decide which you'll take advantage of. Find out how affordable your HELOC could be today. Consider taking out a home equity loan insteadA home equity loan may give you even lower cost access to the equity you need .
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