3 reasons why you’d get a home equity loan

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Put your home’s value to work for you with a home equity loan. Whether it’s used for educational expenses, home improvements or an emergency, a home equity loan gives you financial freedom and flexibility at affordable rates.

Here are three reasons why a home equity loan makes sense.

  1. Educational Expenses

If you, a child or another member of your family are going to be going to college, you will need some extra cash for tuition, room and board, books and other necessary supplies. A home equity loan can be paid off quickly and often do not come with the origination fees and restrictive repayment options of other educational loan options.

  1. Home Improvements

One of the classic uses of a home equity loan is to make those much-needed improvements to your home. What’s better than using your home’s value to add a new room, build a deck, finish a basement or remodel a kitchen or bathroom? What’s more, those improvements you make to your home will only add value to your home — in some cases 50-80 percent of the project costs — when it comes time to sell.

  1. Emergency Expenses

Whether it’s an unexpected medical expense, a suddenly needed home repair or the replacement of a heating system or roof, your home equity loan gives you the flexibility to access money in the moment of need. Resolve your financial issue without the need to use high-interest credit cards or savings.

Palmetto Citizens Federal Credit Union works with homeowners every day looking to meet an important financial need with a home equity loan. Our home equity line of credit loans come with low, competitive rates and no closing costs. Learn more about our home equity loans and other financial products by contacting us today