As you plan your project, factor in the payments. Home equity loans can be used for almost any purpose, ranging from remodeling projects to major purchases. Another benefit is that they come with lower interest rates than most other loan types. Still, you should double-check that your monthly payments will fit into your budget. As this calculator shows, the interest rate is one factor, but so are loan length and the total amount borrowed.
Low interest rates can help keep your monthly payments under control.
Andrews Federal Credit Union is a full-service financial institution with stateside locations in Washington, D.C., Maryland, Virginia and New Jersey, as well as overseas locations in the Netherlands, Belgium and Germany.