Unlock Hidden Wealth with Loan Types Explained Easily

Home Equity Loans: Leveraging Property Value

Home equity loans allow you to borrow against the equity in your home, offering a lump sum at a fixed interest rate. This type of loan is particularly beneficial for large expenses, such as home renovations or education costs. The interest rates are generally lower than unsecured loans, often ranging from 3% to 12%². As you see these options, ensure you understand the implications of using your home as collateral, as defaulting could result in foreclosure.