Secret Traditional Home Equity Loan Strategy Could Change Everything
Costs and Considerations
While home equity loans offer numerous benefits, they also come with costs and risks. These loans typically involve closing costs, which can range from 2% to 5% of the loan amount2. Additionally, failure to repay the loan could result in foreclosure since the home is used as collateral. Therefore, it's crucial to have a clear repayment plan and to borrow only what you can afford to pay back.