Here’s how to reduce your chances of a late payment: · Pay bills immediately – the minute they arrive.
To access your home equity, you have two options: a home equity loan or a home equity line of credit (HELOC).
Home equity loans allow homeowners to access their equity in a lump sum of cash, which may be used for a variety of purposes, and is repaid in monthly installments.
Home equity loans usually have fixed interest rates and are fully amortized while a home equity line of credit (HELOC) provides a line of credit that allows you to draw funds up to your maximum credit line.
One of the best reasons to get a home equity loan right now is that interest rates for equity loans are lower than they’ve been since 2008.
Many homeowners are taking advantage of these interest rates now while they’re so low.
Now, you can pay off your credit cards and other personal loans with just one low monthly payment that could also save you interest, as well.