Learn more about how you can use the Equity in your home.
Over the last few years, many homeowners have chosen to stay in their homes while home values have increased over the same timeframe. That combination means you may be sitting on more equity than you realize.
What is home equity?
It’s the difference between your home’s current market value and what you still owe on your mortgage. And the good news? You can tap into that equity to finance a wide variety of needs.
Home Equity Loans
With the equity you have in your home, you’re able to borrow against it for just about anything you want or need. A Home Equity Loan can help you cover:
- Home remodels
- Home repairs
- Landscaping
- And other home improvement projects
In addition, home owners can also use their equity to help with larger expense items like:
- Medical expenses
- College tuition
- Dream vacations
- Credit card debt consolidation
- And more!
You get a lump sum of cash and the flexibility to use it however you need.
Home Improvement Loans
Focused financing for upgrades that improve your living space.
Unlike a Home Equity Loan, a Home Improvement Loan is specifically tied to your renovation plans. It also uses your home as collateral, which often means a lower interest rate. Here’s what to know:
- A contractor’s bid, plans, and specifications are required before closing.
- Funds are released based on project milestones.
- Whether your home is paid off or you still have a mortgage, you may qualify.
We’ll even work directly with your contractor to streamline the process.
Home Loan Calculators
We offer free calculators to help you budget and plan. Calculate how much you can borrow and what your payments and options quickly and easily with our suite of free calculators.
Want to learn more about how to put your equity to work for you and your family? We’re here for you. Recognized as a “Best in Town” lender, we take pride in offering the guidance and loan options to meet your unique needs.
We have you covered! Contact us to get started today!
SOURCE: TheZebra.com
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