Home Equity: How to Use It

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Financing

Home Equity: How to Use It

A refinance pays off your current mortgage and gives you cash based on your equity. These are good for:

- Lowering or locking in your mortgage interest rate

- Getting large sums of money ($30,000 or more)

Home equity loans (second mortgage) are installment loans that are paid out in one lump sum. They’re good for:

- repaying credit card debt

- remodeling projects

- buying a new vehicle

A home equity line of credit (HELOC) works like a credit card – you agree to a pre-set limit and then borrow as you need to, or in the event of an emergency, usually for up to 10 years. Good for:

- debt consolidation

- major home improvements

 

Contact me if you are looking for a referral to a trusted lender to assist in more detail with the decision to use your home's equity

Karen Walling, PLLC

Call or Text 480.382.1149