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What you need to know about home equity loans

By: Brandpoint

(BPT) - If you have large or unexpected expenses on the horizon, you may have access to an untapped resource: your home. You could use some of the equity you've built up in your house to meet financial goals, depending on how much equity you have and how you use it.

Here's a guide from the experts at Navy Federal Credit Union to explain how home equity loans work and when you should - or shouldn't - use your home's equity.

What is a home equity loan?

In basic terms, a home equity loan is money you're borrowing using your home as collateral. The equity in your home equals how much of your home's value you actually own (not counting the mortgage you're still paying off).

Home equity loans are frequently offered at lower interest rates than other loans, so they may be a great option for consolidating debt on higher interest credit cards, or large home improvement projects.

You can determine how much equity you have in your home, and how much your home equity loan payments are likely to be, using online calculators.

Here are the two most common types of home equity loans:

Fixed-rate equity loan: This is a lump sum amount you'll draw from your home's equity, paying back monthly at a fixed interest rate for the life of the loan, so you'll know exactly what to expect. Fixed-rate home equity loans are typically used for:

  • Home improvements/repairs
  • Debt consolidation
  • Large purchases
  • Life events

Home equity line of credit (HELOC): This is a line of credit secured by the home, which lets you borrow funds if and when needed, up to a set maximum credit limit. You only have to repay the funds you borrow. HELOCs are typically used for:

  • Home improvements
  • Emergency funds
  • Medical expenses
  • Debt consolidation

The best use of a home equity loan or home equity line of credit is when the money you borrow increases your home's value via renovations or repairs, as this continues building the equity you're borrowing against. You may also have tax benefits for using the loan toward home improvements, so it's recommended to consult a tax professional.

When NOT to use a home equity loan or HELOC

Because these loans use your home as collateral, remember that you'll want to be sure you can stay on track with loan repayments. For this reason, financial experts advise against using home equity to borrow for things including:

A car purchase: An auto loan is usually a better choice for purchasing a new or used vehicle. Interest rates on auto loans tend to be similar or lower than home equity loans, and auto loans usually require little paperwork and fewer fees.

Vacations: It's better to save up for near-term wants like vacations or large-screen TVs than using your home's equity for something offering no financial return.

College: Consider all options - including federal student loans, scholarships, grants and private student loans - before tapping into home equity. A home equity loan may be a consideration if current mortgage rates are significantly lower than federal student loan rates, especially for graduate or professional degrees. But unlike federal student loans, if you use home equity to pay for college, you won't qualify for income-driven repayment plans or loan forgiveness programs.

Starting a business: Your best bet for launching a business is a business loan through a financial institution or the U.S. Small Business Administration (SBA). If your business fails and you have a home equity loan or HELOC you can't repay, you're putting your home on the line.

Recurring expenses: Using home equity to cover everyday bills can be a slippery slope. Consider your long-term ability to repay the loan. Since your home is your collateral, missed payments could lead to foreclosure.

Make a smart plan

Your home equity is a valuable resource for managing your finances. Planning ahead and understanding your repayment responsibilities is crucial for making the best use of a home equity loan or home equity line of credit. For more information and to explore your home equity options, visit NavyFederal.org/equity. Navy Federal is federally insured by NCUA. Equal Housing Lender.

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