Home equity loans are more cost effective than many other types of loans due to tax deductible interest, combined with interest rates that are typically lower than other forms of credit.
Tax deductible interest payments mean you may pay lower taxes at the end of the year, and lower the overall cost of what you are buying. It's especially a good strategy if you're using the cash to pay off other debt on which the interest is not deductible.
Under the current US Tax code, you may be able to deduct the interest you pay on an MCU Home Equity Loan, Line of Credit, or Balloon. To find out if you qualify, talk to your tax advisor.
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