Pennsylvania Home Equity Loans
When it comes to home improvement and repair, nothing beats financing it with a home equity loan or a home equity line of credit (HELOC) in Pennsylvania. Pennsylvania homeowners who tap into their home’s equity and fund home projects using a second mortgage can claim the loan’s interest on their taxes. Pennsylvania borrowers can claim up to $100,000 of interest from their 2nd mortgage product, however all borrowers should consult with a tax attorney or accountant before making the deduction. Whether it’s adding a new pool in Pittsburg (15205) or financing college tuition in Harrisburg (17101), homeowners in Pennsylvania can choose from two home loan products to help pay for their endeavors.
For ongoing expenses such as paying perpetual medical bills, a lengthy home remodel project or college tuition, a home equity line of credit (HELOC) may make the most sense. A home equity line of credit (HELOC) is a revolving line of credit that provides funding that can be used in several installments. A home equity loan may be a better for borrowers in need of funding a large, one-time project. This fixed rate home loan is delivered in a one, lump sum amount and is perfect when for homeowners replacing the roof or for debt consolidation.