How to Know of Home Equity Loans are Right for You 🏠

     So, I got a call this week saying "Edna, should we get a home equity loan to repair our house or to do some upgrades?" and that's a great question!  You know there's different schools of thoughts on that, Dave Ramsey would tell you "Don't go in debt no matter what, save the money, remodel, do what you need to do."  Robert Kiyosaki- Rich Dad, Poor Dad, would tell you use other people's money, there's no harm in it, though honestly that's really kind of a personal decision, but I will tell you if you put the money back into the home it's usually a pretty good deal, right?  Since now you're able to put money back into your home, live with your Renovations and then sell it for more than you put into it but the bad side of that is- what if the market crashes?  What if the prices of houses start dropping?  Though we don't foresee that in the near future, but it's still a gamble.  It is always a "what if", so at the end of the day whatever you're comfortable with- if you can make the payments and you are comfortable living with that and you are willing to wait for the market to bounce back up- if something happens absolutely go for it, but if it's too much of a risk for you then you should probably steer clear and save the money and do the renovations.  There's the scoop, Edna Wilson, your Hometown Realtor, as Hometown as Apple Pie!