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Chapter 9. Considering Home Equity Loans > Home Equity Loan Cautions

Home Equity Loan Cautions

Taking out a home equity loan can be an excellent financial strategy in some situations, and can help you to take charge of your finances. Let’s look at some examples:

  • Using a home equity line of credit to pay off your credit card balances can mean big savings in interest payments.

  • Making major home improvements with a home equity line of credit can improve your quality of life and pay off down the road in a higher resale value.

  • Financing a new car with a home equity loan rather than a regular auto loan can mean both interest and tax savings.


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