If you’re a homeowner, you have probably enjoyed the effects of a” hot housing market” and seen the value of your home go up. As a result, the equity in your home may have increased. In Part 1 of “The Benefits of Leveraging Your Home’s Equity” we outline how you could put your home’s equity to use for personal needs. In Part 2 we’ll share how a home equity line of credit could address your business loan needs.
1. Home Improvement
With the warmer weather finally here, it can be a great time to kick off your “spring projects”. These can range from minor renovations and upgrades to major projects, like additions, remodels, landscaping, decks and pools.
2. Debt Consolidation
You could realize some savings by paying off your debt that is most likely at a higher interest rate. This would also help combine your debts all under one loan with one payment.
3. College Tuition
College tuition and related expenses seem to be on the rise each year and sometimes student loans don’t cover all of your funding needs. Your home’s equity could be used to help finance those funding gaps.
4. Second Home
Whether you’re looking for a vacation home to call your own or to earn a return on an investment property, your home’s equity can help facilitate the purchase of a second home.
5. Large Purchases
A vacation, wedding or new vehicle are just some examples of large purchases that can be financed with your home’s equity.
If you’re a homeowner and have personal finance needs, the solution may be underneath your roof. You’ve worked hard for you home; take advantage of your home’s equity and make it work for you! Contact us today to speak to a home loan expert and explore your home equity options.
Call (978) 372-7731