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!
In: 1
It’s just a loan, backed by the equity in your house. If you fail to repay, they could take your house to recoupe their losses.
If you are confident in your ability to repay the debt, then yeah, home equity loans are pretty common for renovations.
Latest Answers