How to use home equity in Kansas City
Home equity lines of credit can be an extremely useful asset for a homeowner, whether you’ve owned your home for two years or twenty.
Below, we’ll review the most common uses for how to use home equity in Kansas City.
Home equity for home improvements
The most popular use of a HELOC in Kansas City and across the country is to use that money to make improvements to your home. Not only will you see *tax benefits from doing this, but you’ll also raise the value of your home!
Home equity for student loans
Paying off student loans with a HELOC is an easy way to “refinance” that debt at a lower interest rate.
Paying off credit card debt
Consolidating all of your credit card debt into a HELOC can benefit you in more ways than one. It can help lower your interest rate on existing debt, as well as help you manage that debt in one place rather than several.
Making a big purchase
Many people use HELOCs to finance a larger purchase, such as a car, because of the low interest rates and how easy it is to manage their loan payments in one place!
Keeping an emergency fund available
Because you don’t get charged interest on a HELOC unless you draw money out of it, home equity is the perfect way to keep an emergency fund on hand if your savings are not where you want them to be or have been recently depleted by a large purchase or other expense.
Look to Cornerstone Bank for banking advice, insights, and more.
We are dedicated to the Kansas City community and have been in business for over 17 years. The relationships we form with customers are highly valued and we strive to provide excellent service above all else.
Let us know how we can help you, or if you have any additional questions we can answer about home equity lines of credit in Kansas City.
*Please consult a tax advisor regarding the deductibility of interest.