Transform Paid Off Home Now With Smart Loans
Before diving into a smart loan, consider the costs involved:
- **Closing Costs:** Similar to a mortgage, home equity loans and HELOCs often come with closing costs, which may range from 2% to 5% of the loan amount3.
- **Variable Rates:** While HELOCs offer flexibility, they often come with variable interest rates, which can increase over time.
- **Risk of Foreclosure:** As with any loan secured by your home, failure to repay can result in foreclosure. It's crucial to assess your ability to make payments before proceeding.