Indiana Home Equity Loans
Lenders from Indianapolis (46227) to Carmel (46032) have competitive terms and rates for home equity loans and home equity lines of credit (HELOC). Second mortgages in Indiana help homeowners finance projects such as home improvements, debt consolidation and education. One advantage to a second mortgage in Indiana is that home equities can be tax deductible. Borrowers can claim up to $100,000 in interest for home-related expenses. Homeowners in Indiana should consult with a tax advisor before deducting expenses. Another advantage to home equities is that when the borrower uses a home equity loan for debt consolidation, the borrower can use the loan to pay off several loans; then have one monthly payment, typically at a lower rate.
A home equity line of credit (HELOC) offers its own set of advantages to Indiana homeowners. For ongoing expenses, from college tuition to installing an addition to the home; a home equity line of credit allows the borrower to have a steady cash stream on hand. Because a home equity line of credit is a revolving line of credit, the borrower only makes payments on the amount drawn against the line.