Home Equity Loan.  Your home equity is the difference between what you still owe on your home and its market value.  For example, if you owe $100,000 on your home but its current market value is $300,000, your home equity is $200,000.  You can borrow against your home equity through a home equity loan or a home equity line of credit.  In a home equity loan, you receive a lump sum of cash that you repay at a fixed rate.  This may be your best option if you know exactly the amount your want to borrow.  With a home equity line of credit, you can draw money as needed, up to a maximum amount.  You pay interest only on the amount you use – not on the total line of credit.  If you need money in stages or don’t know the exact amount of money you need, this might be the option for you.  Home equity loans and home equity lines of credit offer you much lower interest rates than other types of financing such as credit cards.  They can allow you complete desired home improvements, consolidate debt, or make a large purchase.  Another benefit of the home equity loan or home equity line of credit is that the interest your pay is usually tax deductible (consult your tax advisor). 

Complete and submit the adjacent Utah Home Network contact form to learn more about home equity loans and discover the best loan option for you.