To qualify, you can't be upside down on your home (have negative equity). Additionally, you can't write off interest on over $750,000 of indebtedness.

A home equity loan allows you to borrow off your home's equity. In return, you're charged a fixed interest rate and must make fixed payments over the life of the loan.

Loan term lengths and repayment options. Depending on the home improvement loan, you might be able to choose a repayment term from two to 30 years.

Interest paid on a home equity loan may be tax-deductible if used for IRS-approved reasons. Getty Images/iStockphoto The deadline for filing your 2022 taxes is just weeks away (April 18, to be exact).

This means that you need to have built up enough equity so that your new home equity loan or Heloc, when added to your existing mortgage, doesn’t exceed 80% of your home’s value. Let’s say ...

Unlike a home equity loan or HELOC, a cash-out refinance replaces your existing mortgage with a new home loan. Ideally, the new mortgage has a lower interest rate and more favorable terms.

Once you’ve built up equity in your home, you can borrow against that equity to finance any large expense. Here’s when to consider a HELOC and when to consider a home equity loan.

Home equity is the percentage of your home you own outright, versus the amount you still owe on a mortgage. If you made a 20% down payment, you'd start out with 20% equity. As you make monthly ...

Home equity loans are usually unaffected by divorce—you're still responsible unless the lender releases you from the loan or your former spouse refinances the loan.

Here are some strategies to get the best out of your home loan. March 23, 2024. Content provided ...