To put it simply, equity is the amount of your home you own. Your equity grows as you make payments. It can also increase when market conditions increase the value of your home.
The equity you have earned in your home is powerful. It is oten your best resource for financing as the rates are likely to be less than a signature loan or credit card. There is also flexibility – both in how you tap into and how you repay it. And the interest may be tax deductible!
Home Equity can be used to:
- Finance home remodels, improvements or renovations
- Fund large purchases like furniture, appliances, pools, hot tubs, etc.
- Pay for home or car repairs
- Cover dental or medical costs – deductibles, co-payments, out-of-pocket charges
- Pay off high-interest debt
- Pay for a wedding, vacation or college expenses
You’ve worked hard for your home’s equity. Now, it can do the same for you.
HOME EQUITY LOAN OR HOME EQUITY LINE OF CREDIT: WHICH ONE IS FOR ME?
Our Mortgage Specialist can help you explore all the options and determine which is best for your situation.
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