You may have heard of home equity, but you may not understand fully how it works. A simple explanation: it’s the difference between what your home is worth and what you owe on your home.
You may have more home equity than you realize. If your home’s value has risen since you bought it, and if you’ve been making your monthly mortgage payments, you’ve likely built equity. We’ll show you some ways you could leverage that equity and use it for what you need this season.
For a Home Improvement Project
Have you been thinking about remodeling? A cash-out refinance could help you make those home improvements. Whether your family has grown or your home just needs an update, your home’s equity could provide the funds for you to give your home a major refresh.
Remodeling before the holidays? Now’s the perfect time to start. Fall is traditionally a busy season for remodeling as homeowners work to make their homes holiday-perfect.
For Extra Cash
Have a kid heading to school? Your home’s equity could provide funds for their education. Proceeds from a cash-out refinance or HELOC can be used toward whatever you need, whether that’s education, an unexpected expense, or planning an extra special holiday season for your family.
To Consolidate Debt
Tired of multiple debt payments? Roll them all into one with a cash-out refinance. You could get a lower interest rate than you would with credit cards, and you’d only have to worry about making one payment instead of multiple ones.
Fall Is a Season of Change
No matter your financial or home improvement goals, fall is the perfect time to tackle them, and your home’s equity could provide the funds to do so.
