Home > Home Equity Intro > Advantages of a Home Equity Loan

Home Equity Advantages

  • Lower interest rate
  • Tax deductible mortgage interest

Lower interest rate

Home equity loans present less of a risk to lenders, since they're secured by your physical home.  Because the risk is lower, your interest rate is lower, too.

Tax deductible mortgage interest

While your tax advisor can outline specific tax benefits available to you, we can say that most people reap tax benefits from a home equity loan.  No matter whether you use the loan for consolidating bills, purchasing a car or taking a vacation, any interest paid on the first $100,000 borrowed is tax deductible.  If you pay $5,000 interest on your home equity loan, you end of year taxable income will be reduced by $5,000.

If you're using a home equity loan to purchase another home or make improvements to an existing home, it gets even better: you can deduct interest paid not on the first $100,000, but the first $1 million borrowed.  Why?  In the eyes of the IRS, home improvement loans are more similar to first mortgages.

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