Home equity loans and lines of credit are increasingly becoming the debt of choice for big-ticket purchases, such as home improvements, college tuition, new cars and even paying off other debt.
It's easy to understand why. Interest on most home equity loans is fully deductible on your tax return while interest on other forms of consumer debt is not.
Responding to the increased demand, banks are offering a wide array of enticing options to make it easier for homeowners to get at their equity.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
In this tutorial we'll explain some of those options, look at the tax advantages and tell you how to shop for the best loan.
- Loan Versus Line of Credit
The correct choice will depend on your needs and self-discipline. - How to Find the Best Deal
Consider these factors to zero in on the best loan for you. - Full Refinancing
This can give you access to your equity and a cheaper interest rate. If you stay put long enough, the extra fees may be worth it. - Re-Shopping Your Mortgage
Learn how to get the best deal and avoid surprises. - Best home equity rates in your area
-
Is 100 the New 70?Eating well, exercising, getting plenty of sleep and managing chronic stress can help make you a SuperAger. Funding that long life requires longevity literacy.
-
Nine Lessons to Be Learned From the Hilton Family Trust ContestDisclaimers, good communication, post-marital agreements and more could help avoid conflict in a family after the owners of a wealthy estate pass away.
-
When's the Best Time to Buy a Domestic Flight? The Kiplinger LetterThe Kiplinger Letter A new study by CheapAir.com has crunched the numbers.
-
Woes Continue for Banking Sector: The Kiplinger LetterThe Kiplinger Letter Regional bank stocks were hammered recently after news of New York Community Bank’s big fourth-quarter loss.
-
Anxious Flyers Take Note: The Kiplinger LetterThe Kiplinger Letter Whether it's the routes to avoid that have the most turbulence or the safest airline, we've got you covered.
-
The Auto Industry Outlook for 2024The Kiplinger Letter Here's what to expect in the auto industry this year. If you’re in the market for a car it won’t be quite as daunting as it was during the pandemic and after.
-
Two More Travel Trends for 2024: The Kiplinger LetterThe Kiplinger Letter As the world gets moving again, two more travel trends to consider: Solo cruising and airline passengers with loaded guns.
-
Commercial Real Estate Outlook 2024: The Kiplinger LetterThe Kiplinger Letter In 2024, expect hybrid and work-from-home trends, tighter budgets, rising rents and the demand for data centers to continue.
-
Three Travel Trends Will Drive the Industry This Year: The Kiplinger LetterThe Kiplinger Letter New travel trends like set-jetting, destination “dupes” and tour traveling will propel the travel industry in 2024.
-
State Economics — Spotlight on New England: The Kiplinger LetterThe Kiplinger Letter After a better-than-expected 2023, New England states will see only modest employment growth in 2024.
