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- Home equity loans and home equity lines of credit can be an option to help cover emergency home repair costs.
- Benefits of using HE loans and HELOCs include lower interest rates, longer repayment terms and possible tax deductions.
- Downsides of home equity financing include putting your home up as collateral and diluting your ownership stake.
As a homeowner, maintaining an emergency savings account is a good way to be prepared for the unexpected home repairs that inevitably arise from time to time. With emergency savings at the ready, you can