The Most Popular Ways to Use a Home Equity Loan

Owning a home comes with multiple benefits. For one, you’re not reliant on a landlord or property manager; when it comes to your home, you’re in charge. Second, you can build equity in your home the longer you own it. That equity is available for you to when you need an extra cash flow, and can be quite useful when you’re in a situation where you need additional funds. Polam’s home equity loans are designed for that purpose, and if you’re interested in taking out a loan on your home, visit one of our branches and speak to one of our loan officers, or you can visit our website and apply online.

Do you need to make your financial life a bit easier? Here are a few useful things you can do with a home equity loan:

Finance large purchases.

Need a new TV or couch for your home? Or perhaps you’re looking to build an outdoor kitchen so you can entertain in your backyard? If so, a home equity loan might be a good idea. Sometimes necessary large purchases can’t wait until you can afford them, and with the low interest rates on Polam’s home equity loans, you’ll find it easy to pay it off in no time.

Finance home improvements.

At some point, you might find a desire to do some remodeling to your home. Or, in other circumstances, you might need to immediately repair something in your home. What’s more, renovating your home can increase its value should you ever choose to sell your house, giving you a significant return on your investment. Many people who take out a home equity loan often build additional rooms onto their house, or renovate their kitchen or bathroom.

Finance college costs.

If you have a college-age child who’s interested in higher education, you already know that the costs of tuition, boarding, and books have skyrocketed in the last decade. Student loans tend to have extremely high interest rates, and many people who have taken out student loans have been indebted to them for years or even decades. Our low-interest home equity loans can help prevent getting stuck in the student loan system, allowing your child to worry less and your family to not stress about the ramifications around taking out student loans.