by STAFF WRITER Published April 3, 2009 Credit Unions Online
Did you know that for many people the best and lowest-cost source of financing is, literally, right under their own feet in their own home? That's right, if you own your home outright or have even a reasonable percentage of equity in your home, you can get a low-cost home equity loan.
You can obtain the financing in the form of a closed-end loan for a specific purchase or a line of credit to tap anytime you need it. And in most cases, the interest you pay on a home equity loan is tax-deductible. (You should consult with a tax expert first before taking the deduction.)
The loan process involves a few simple steps. But depending on the amount of the loan and the amount of equity in your home, the loan can be available in a few days. Stop by your credit union today to see if you qualify for a home equity loan.