If you own a home in Ohio, you probably know that riches can come from the soil (corn, soybeans, wheat) and from the factories in your state. But if you’re a home owner, an amount of cash can be “reaped” from your property, as well: you can take out a home equity loan against the money you’ve put into your house. Read on to learn more about a home equity loan in Ohio.
First off, why would you want to take out a home equity loan? Many people need a quick influx of cash for many reasons: emergencies such as car repairs or medical bills, or planned expenses such as home improvements or college tuition. A home equity loan for these purposes can be a smart choice because the interest rate is lower than that on a credit card or other type of loan. This is because your home is used as collateral–your lender will foreclose on the house and sell it if you can’t pay back the loan.
So don’t enter into a home equity loan lightly, Ohioans! Decide how large of a loan you can afford to pay off each month: take your income and subtract your living expenses and current outstanding bills, including your mortgage, credit cards, or car payments. From the money left over, you can start to get an idea of the size of the loan that’s fiscally appropriate for you.
Welcome to Your Home Equity Loan
The other key to how much you can borrow is how much equity you have built up in your home. After all, the money you’re spending on mortgage payments is still with you–it’s buying ownership in your property. Your credit score is also a factor. So if you’ve been eyeing that new model kitchen–or you simply want to pay off your credit debt and save on interest costs–a home equity loan is a great place to start.
Use our search to find Ohio home equity loans in Akron, Canton, Columbus, Cleveland, Cincinnati, Dayton, Sandusky/Erie Islands, Toledo, and Youngstown: