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Home Equity Loans

So your home is a few years old now, and you've started to notice some repairs that you need to take care of. Between the home loan that you're still paying off, and the rest of your monthly expenses, how on earth are you supposed to be able to afford to take care of these repairs? Take advantage of your home's equity, that's how.

If you've got $70,000 left on your mortgage, and your home has been valued at $200,000, then your home has an equity value of the difference, namely $130,000. Lenders/banks/creditors will then offer a percentage of this, generally in the range of 80-90%, through which you can take care of any costly home maintenance. Another mentionable benefit of home equity loans is that they are deductible from Federal Income Tax.

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