Consumer Alert: Is a home equity loan right for you? ...Middle East

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ROCHESTER, N.Y. — This consumer alert tackles home equity loans. Now that rates are coming down, some homeowners may be considering tapping into their home equity. When rates were really low, few folks were taking out home equity loans. Instead, you could just do a cash-out refinance, converting some of your home’s equity to cash. But today, if you have a mortgage at 3% or 4%, you don’t want to refinance at a rate more than 6%. That’s where a home equity loan might come into play. News10NBC’s Deanna Dewberry chatted with Jeff Ostrowski, a Bankrate analyst, about the best times to tap into your home equity. Jeff Ostrowski: “You want to be very careful about how you’re going to use the proceed

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Last updated : 04 October 2024 clock 11:16 PM

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Consumer Alert: Is a home equity loan right for you? ...Middle East

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