Louisiana Home Equity Loans
Louisiana homeowners can take advantage of the myriad of tax benefits when they use a second mortgage to finance a home improvement or home repair project Second mortgages in Louisiana can be used for more than home improvements and repairs.
Home equity loans and home equity lines of credit can be used for financing college tuition, debt consolidation, auto loan financing and covering medical expenses. A home equity loan may be the perfect way to consolidate credit card and other debt. The lump sum home equity loan can pay off a variety of creditors, leaving the borrower only having to field one monthly payment. If used toward home improvement home loan interest, up to $100,000 is typically deductible in Louisiana; however homeowners should consult with their accountant to determine deductions.
Ongoing medical expenses or paying for college can be done with a home equity line of credit (HELOC). A home equity line of credit is a revolving credit line where the borrower only has to make payments on money drawn. For borrowers from the Big Easy in New Orleans (70115) to Baton Rouge (70806); home loan choices are in abundance.