Meet Ashley. Ashley is a 20-something year old homeowner who is interested in a home renovation project, and also has some debt that she may need to consolidate at some point in the future. She’s owned her home for a few years and has built up a nice bit of equity.
Based on Ashley’s situation, she has a few financial options that she can explore. Two options at the top of the list? A home equity loan and a home equity line of credit, also known as HELOC.
As part of a 2-part blog series, and in an effort to help our members better understand both options, our team is reviewing the differences between a home equity loan and a home equity line of credit—both of which are potential options for those wanting to borrow on their home equity.
To get started, let’s review the following brief overview that explains what is a home equity loan—including how to use it, the benefits, and how to a secure a home equity loan.
Between paying off student loans to thinking about buying a home, your 20s is a time filled with change, excitement, and yes, lots of financial decisions. As you deliberate on these various decisions, securing a financial advisor may be a good strategy, one that can help you navigate these big life changes.
The first step to getting a financial advisor? Do your homework and ask the right questions.
If you’re a parent, you want what’s best for your child. That means making sure that they get a good education. The challenge? How to pay for everything from day care to college without going broke.
The good news is that there are options are available that can allow you save money in the short term and long term, provide tax savings and earn investment income for the future.