Improvements to a home can become a necessity or fulfill a dream. Whatever your reason, improvements can add value to your home. As a homeowner, you may be able to use the growing equity in your home to finance home improvement projects. A home equity loan allows you to:
- Lower the cost of your remodeling project over time since mortgage and home equity interest rates can be lower than other consumer credit.
- Potentially deduct the interest payments from your taxes, lowering your cost further.
An American Federal Banker is always ready to help you explore all your options to help you reach your home improvement goals.
This information offers general advice and is not intended to be legal or tax advice. Consult your attorney, tax accountant or other professional.