What are Some of the Things a Home Equity Loan or Line of Credit Can be Used For?
This is another question we receive frequently at ENB. A home equity product can really be used for anything but there are some uses that we typically see.
Common Uses for a Home Equity Loan:
- Home Improvement
- Large Purchases
- Higher Education
- Debt Refinance
- Emergency Funding
Many people use a home equity product to improve or repair their home. Examples of such items, include, but are not limited to a roof replacement, window replacement, building an addition to their home or refinishing their basement.
Large purchases can be difficult to save up for and pay in full. With a home equity product, you can finance the purchase of a car, motorcycle, all-terrain vehicle or even a home entertainment system.
Higher Education Finance
Need help filling the gap between your higher education savings, grants, scholarships or student loans and what you still owe for tuition? A home equity loan or line of credit can help you bridge that gap.
Stuck with higher loans? Refinance your car loan, credit card or other personal loans at a lower rate provided by a home equity.
Searching for a sense of security? Customers are able to apply for a home equity line of credit to use in case of an emergency. Should you have a medical emergency or lose your job, with a home equity line of credit these funds will be available to you when you need them.