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Five Ways To Use Your Equity:
Play video & read more details below!
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Owning real estate is more than just owning a home; it is a way to build up wealth. First, you need to understand what equity is. Equity is the difference between your home’s value and what mortgage loan balance. So your equity grows with every mortgage payment, and when real estate values go up, your equity grows more rapidly.
Once you have 20% equity in your home, you can consider using that equity for different things: (Keeping Current Matters had 4, but we wanted to add another)
- Upgrade Current Home: You can tap into your equity with a line of credit or loan for home remodeling.
- Buy a New Home: Lifestyles are constantly evolving. Whether you need to upgrade or downsize your home, you can use the equity you’ve built to make it a more straightforward process.
- Move to another location: The same idea as above, moving to a different state can be costly but using your equity makes it more feasible to have a smoother transition.
- Start a New Business: You can get a loan or line of credit based on your equity to start a new business, get an investment property, or
- Fund an Education.
If you’re thinking about using your equity for options 2 or 3, contact our Real Estate Advisors at WiseMove to start the discussion. If you’re considering accessing your home equity through a home equity loan or line of credit, let us know, and we can recommend a few lenders our clients love to work with. No matter what, make sure you seek out Real Estate Advisors, not salespeople, to figure out the best way for you to tap into your home equity. There are so many factors, such as the budget for a project, cost of starting a business, credit score, etc., that can dictate the best option for you to use the powerful tool of equity.
More Resources:
https://www.earnest.com/blog/home-equity-loan-vs-home-improvement-personal-loan/
https://www.consumer.ftc.gov/articles/0227-home-equity-loans-and-credit-lines
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