As your home increases in value and you pay down your existing mortgage, you build equity in your home. That equity can be your key to lower rate financing for other expenses, including home repairs, debt consolidation, medical bills, or any other major expense. Plus, many people are able to deduct the interest paid on their tax returns. (Consult your tax advisor for details regarding your specific situation.) If you already have a Home Equity Loan or Line of Credit, now may be the perfect time to refinance to get a lower monthly payment or a better interest rate.

A home equity line-of-credit provides you with the ability to borrow and payback on an ongoing basis without the hassle of completing applications over and over again. Lines of credit are excellent ways to finance recurring expenses. It's like having an emergency source of cash. To access your line-of-credit, all you do is write a check from your credit line account.