Make the Most of Your Home’s Equity.


BEST WAYS TO USE A HOME EQUITY LOAN OR LINE OF CREDIT

As you continue to navigate through these unusual times, it could be the perfect time to tap into your home’s equity. You start building equity in your home with your down payment and your first mortgage payment.  Over time, you continue to build your home’s equity, which you can use to finance a variety of needs during these tough times. These funds can be used to finance several different things, such as home improvement projects, college and school expenses, debt consolidation, significant events like weddings and more. 

HOME IMPROVEMENTS

Spring is finally here and it’s the perfect time to tackle those spring projects!  Have you been wanting to spruce up your back yard or put in a pool?  Many of us now have extra time at home, so tap into your home’s equity and turn those dreams into reality.   Home equity loans and lines of credit are great ways to finance outdoor projects, kitchen remodels, renovations and other home improvements. 

COLLEGE AND SCHOOL EXPENSES

Do you have a child or family member headed off to college?  Are you worried about how to pay for it?  Home equity loans and lines of credit can be great alternatives to student loans.  Student loans can sometimes have higher interest rates than home equity loans and lines of credit.  These uncertain times may have you worried about your finances, but don’t stress.  Take a look at where your home’s equity could take your education funding.

DEBT CONSOLIDATION

Another great use for a home equity loan or line of credit is consolidating any high-interest debt you may have.  This will allow you to condense many monthly payments into one simple payment.  A home equity loan or line of credit may also have a lower interest rate than that of your credit cards and other loan options.  Tackling debt can be overwhelming but consolidating debt with a home equity loan may be the right solution for you.

LIFE EVENTS

Planning a major life event like a wedding or expecting a new baby?  Home equity loans and lines of credit are great ways to fund these sorts of milestones.  Take advantage of the equity you have built up in your home and use it to finance the wedding or nursery of your dreams!

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