Eli5 home equity loans

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I’m in the U.S.
I’ve owned my home for 6 years and would like to do some renovations. Would someone explain to me exactly how home equity loans work?
Is that the best option for this?
Thanks!

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3 Answers

Anonymous 0 Comments

If you can save up and do the renovations with cash, little by little, that would be much wiser.
Don’t borrow against your home.

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