12 Benefits of a 30 Year Home Equity Loan
With a 30 year home equity loan, savvy homeowners can take advantage of significant benefits. Consider your living expenses, payments on debt, and any other monthly obligations (such as child support or alimony). Why not tap into the equity you have in your existing home? Depending on your individual circumstances, one or more of these 30 year home equity loan benefits may apply to you.
Low Interest Rate – Compared to other higher-interest types of consumer loans, the interest rate you’ll pay on your 30 year home equity loan can be significantly lower – saving you thousands of dollars over the life of the loan.
Low Fixed Rates – With a fixed rate of interest on your 30 year home equity loan, you’ll know exactly where you stand – no matter how much interest rates may fluctuate.
Affordable Monthly Payments – Your payments with a fixed interest 30 year home equity loan never change. This provides stability and predictability, enabling you to better manage your financial obligations.
Tax Deductible – Interest on a 30 year home equity loan is typically tax-deductible. Consult your tax advisor for details.
Bill Consolidation – Consolidate credit card and revolving debt, saving thousands of dollars in interest over the life of the loan (compared to higher rates on individual credit card/debt accounts).
Pay Off Expensive Loans – Use the cash from your 30 year home equity loan to pay off expensive loans (such as car loans) and significantly increase your monthly cash flow.
Reduce Debts Quicker – Converting a compounding interest rate to a single, fixed 30 year home equity loan may help reduce your debts quicker.
Reduce Payments – Refinancing a variable interest rate loan with a fixed-interest-rate 30 year home equity loan will reduce your payments.
Remodel Home – Cash from your 30 year home equity loan can be used to remodel your home.
Increase Home Value - Getting cash out of your house to make needed home improvements may increase the property value of your home.
Provide For Future Needs – Having access to cash with a 30 year home equity loan can provide the security you need for future emergencies.
Easy Process – Applying for a 30 year home equity loan is straightforward and easy. You are using the equity in your home as the basis for the home equity loan. Assuming other loan requirements are in order, the process can be completed in a relatively short time frame.