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No, there are no limitations on how you can use the money from a home equity loan. While many people use home equity loans to finance a remodel, you can also use your loan to consolidate your debts, pay for college or other education costs, or cover any other large or unexpected expenses.

In many cases, we can give you an answer in about a week. However, if we have to ask for additional paperwork to support your application, then your decision could take a little longer.

We recommend that you talk with your tax advisor before making any decisions.

With a home equity loan, you’re using your home as collateral for the loan. If something happens and you default on the loan, the lender can foreclose, and you would lose your home.

It’s also possible that the value of your home could decline over time. If that happens and you need to sell your home, you could owe more money than your home is worth.

Your credit score affects the interest rate you qualify for when you apply for a loan or line of credit. With a higher credit score, you can usually qualify for a lower interest rate, which lowers your monthly payment and reduces the overall cost of borrowing.

If you’re not sure what your credit score is, you can request a free copy of your credit score every 12 months from https://www.freecreditreport.com/. If your credit score isn’t as high as you’d like it to be, here are some tips for improving your credit.