Leverage Your Equity
Whether planned or unplanned, large purchases or expenses can throw a wrench in your budget. You can access the equity in your home to finance things like a car, tuition or to pay for a wedding. To qualify, you’ll need enough equity to borrow against, a good credit history and manageable debt.
Understand the Benefits
Home equity interest rates are usually lower than other options, such as personal loans or credit cards, which could translate into a lower monthly payment or a savings in total interest paid over the life of the loan. You can choose a loan or line of credit and repayment terms that work for you. And interest payments on your home equity loan may be tax deductible. Consult a tax advisor.
Evaluate the Expense
Remember, the interest you’ll pay on a home equity loan will add to the overall cost of any purchase. Your interest rate and monthly payment may vary over the life of your loan depending on the loan product you choose to use, and if you can’t make a payment you may put your home at risk. So carefully consider if the expense is worth it.
Explore Your Loan Options
Next, determine how much you're eligible to borrow. PNC is able to lend up to 89.9% of the value of your home. If you have available equity, options include installment loans or lines of credit. A PNC Mortgage loan officer or Branch Banker can help you determine what option best meets your needs.