Oregon Home Equity Loans

Written by Linda Alexander
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Oregon home equity loans provide Oregon homeowners a way to consolidate their debts and make improvement to their homes. Equity is the difference between what you owe on your mortgage and the value of your home. Borrowing against it can be a wise move for homeowners, but should also be considered carefully.

Many people use Oregon home equity loans to pay down their credit card debt. If you choose to do this, swear off the credit cards, and resolve not to run them up again. Otherwise, you will end up in the same situation again, with less equity to borrow against. Instead, use home equity loans for capital investments that give you a return on your money, such as home improvement or education.

Rates on Oregon Home Equity Loans

Interest rates on Oregon home equity loans are usually cheaper than credit cards. They will save you money when you use them to pay off debt or consolidate other debt. Perhaps a better use for the equity in your home is for emergencies. If you don't have a nest egg built up for tough times, an equity line of credit that you have but do not use can be there for you should you lose a job or have a medical emergency.

If you have enough income and good enough credit, lenders will allow you to borrow against the equity in your home. It's tax deductible, and if you use the money wisely, you can get a good return on your investment. Talk to your mortgage lender to see if you qualify.

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