Transform your finances with genius mortgage my home tips
Exploring Home Equity Loans and Lines of Credit
Home equity loans and lines of credit (HELOCs) offer additional avenues to leverage your home's value. A home equity loan provides a lump sum at a fixed interest rate, ideal for large expenses like home renovations or debt consolidation. On the other hand, a HELOC functions more like a credit card, offering flexibility to borrow as needed up to a certain limit. Both options typically have lower interest rates compared to personal loans or credit cards, making them cost-effective choices for funding life's major expenses2.