GetSmart.com Suggests Ways to Use a Home Equity Loan

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A Home equity loan can be a useful, tax deductible, way to tap equity that you have accumulated in your home. As long as you borrow wisely, this may be a good resource for some much needed cash.

Whether you're looking to pay for a costly education, find funding to renovate your home, or cover the costs of a large unexpected expense, you might want to consider a home equity loan. Home equity loans are great alternatives to putting major expenses on a credit card, and have a much lower interest rate.

A home equity loan gives the borrower a lump sum of money at a fixed interest rate, with your home used to guarantee the loan. The borrower then pays the money back in monthly installments.

So when is getting a home equity loan a good idea? GetSmart.com shares some insight:

College tuition
If you need access to money to finance your child's college education, a home equity loan is something you may want to consider, particularly if your child doesn't qualify for a student loan.

Debt consolidation
A home equity loan is a good chance to pay down debt from several credit cards. Consolidating the credit card debt into a home equity loan gives you the opportunity to get a much better interest rate and likely pay off your balance more quickly.

A major one-time expense
Home equity loans can be used to finance large one-time expenses such as the purchase of a car or a home renovation.

For more information on home equity loans, check out GetSmart.com Loan Resources.

About GetSmart®
GetSmart is a leading financial services marketplace that offers borrowers access to a range of home loan products such as mortgages and refinance loans, home equity loans and lines of credit from a network of more than 250 lenders. Consumers who visit the site at http://www.getsmart.com of call 1-800-GETSMART complete a short and simple form and will then be matched with up to five competing lenders.

GetSmart is owned by LendingTree, LLC, which is an operating company of IAC.

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ALLISON VAIL
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