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pennsylvania home equity loan

Pennsylvania Home Equity Loan

A home equity loan works like a fixed-rate first mortgage in which all the funds are disbursed at closing and the loan is paid off in monthly installments.

As elsewhere, the majority of borrowers in Pennsylvania use a Pennsylvania home equity loan for debt consolidation, like creating one payment to take care of all that credit card debt. The loans are also used for a wide variety of other purposes, such as home improvements, medical expenses, education, emergencies and big-ticket purchases.

Here are some ways to use your Pennsylvania home equity loan:

Debt consolidation: Many people have racked up so much credit card debt they have turned to home equity to ease the burden. Doing this can significantly reduce your monthly interest charges, allowing you to save or invest that much more. If you're paying a 17 percent annual percentage rate on a $10,000 Visa balance, for example, you can save a bundle over time by paying it off with a tax-deductible home equity loan at around 8, 9 or even 10 percent. Making monthly debt payments more manageable this way can come with a bonus -- it can improve your credit rating.

Home improvements: Making upgrades and repairs to a house has aesthetic benefits by making your home safer or more comfortable to live in. It can also increase the fair market value of your house. That's why many homeowners make home-equity financed improvements with an eye toward selling their property.

Education: A loan used for college or technical school can pay for itself several times over if it lands the borrower a better job. More families are also turning to home equity to pay for their children's education because the cost has skyrocketed, they haven't saved enough for it and their incomes are too high to qualify for grants or government-backed loans.

Medical expenses, emergencies, big-ticket purchases: An equity loan can be a godsend if you are hit with thousands of dollars in medical bills or you lose your job. Tax advantages and lower interest rates also make equity loans a smart way to finance a new car, motorcycle or some other high-price purchase.

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