Home Equity
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About Home Equity
Home Equity
Home Equity is one of the best parts about home ownership! Get money back to pay off debt, home improvements, vacations and much more! Too learn more about home equity and what we can do to help you contact us today!
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Frequently Asked Questions
What Is Home Equity?
Home equity is the part of your home that you truly own. It’s the difference between what your home is worth today and how much you owe on your mortgage. For example, if your home is worth $250,000 and you owe $150,000 on your mortgage, you have $100,000 in equity!
Why Is Home Equity Important
Home equity is like a financial safety net! It gives you access to cash through loans (like a home equity loan or HELOC) and can help you secure better mortgage rates when refinancing. The more equity you have, the stronger your financial position is.
What Is A Home Equity Loan?
A home equity loan is a type of loan where you borrow money using the equity in your home as collateral. It’s usually a lump sum that you repay with fixed monthly payments. This is great for large expenses like home improvements or consolidating debt.
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