Ask Terry Questions Home equity loan

Home equity loan

By Terry Savage on June 05, 2023 | Housing / Real Estate

We are wanting to get a home equity loan to buy a truck and remodel the kitchen, what is the best option?

Terry Says

The very best option is to save up for those things! HOnestly, your home equity loan interest rate could float (upward) and become costly. And beware, if you are making only interest payments, there could be a balloon payment of the principal amount if 5 years — a frightening proposition.

But if you want to search for rates/terms go to or Prepare to be swamped with offers. Make sure your credit report is clean, by paying down current debt, or the interest rate will start out very costly.



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