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Home Equity Loans
The difference between what you owe on the house and what it's worth is called your equity. You can often get a loan against this equity and use the money for a variety of purposes, including vacations, paying off other debt, financing college, and home remodeling.
Tapping home equity in order to take out a loan is a common method for paying for remodeling, and it often carries a low-interest rate. The biggest challenge for new homeowners is that there simply isn't enough equity in the house yet. If you just bought the property with a small downpayment, it hasn't had time to appreciate yet. Also, most home equity loans only let you borrow up to 85% of the value of the house, limiting its usefulness.
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