Our home equity is a line of credit (a form of revolving credit) in which your home serves as collateral. It is a convenient way to borrow because, once established, you can take loan advances at any time during a 10-year draw period without having to reapply. Plus, with a home equity, you may be able to deduct the interest you pay from your taxable income. Remember to consult with your tax advisor concerning the deductibility of interest. These are perks you would not get with an ordinary personal loan.
If your home doesn’t have equity established in it yet, contact Dupaco about a Home Improvement loan.