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What are the Benefits of a Home Equity Loan?

The benefits of home equity loans are:

  • Home equity as a living asset. This allows consumers to use their biggest asset as a valuable financial tool.
  • Debt Consolidation. This can help repair credit ratings as the money borrowed can be used to pay off a number of high rate credit card balances and improve cash flow.
  • Rebuilds Credit Ratings. Home equity loans provide consumers with blemished credit histories, the opportunity to rectify their situations and receive the financial assistance they would otherwise be unable to attain.
  • Tax Advantages. In most cases the interest paid on a home equity loan is tax deductible.
  • Emergencies. A home equity loan can provide the much-needed cash in case of an illness, loss or other emergencies.
  • Home Purchase. A home equity loan can be used to purchase a home in a situation when a prime lender will not provide a loan to an otherwise good customer.
  • New Source of Capital. Finally, it opens access to credit markets for people who otherwise could not afford it.

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A Moving Company's Moving Story
June, 2012

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