Are you wondering what to do with the equity in your home? Downsize and retire to somewhere warm? Upsize to a place that has enough space for an at-home office with a nice backyard? Perhaps add on to your existing home or remodel the kitchen for greater resale value?
If you're unsure how local home sales in your area have impacted the value of your home's equity, fill out this quick What's My Home Worth form and I'll send you a free, digital custom home value report. No strings attached.
Once you know how much equity you have in your home, here's a few more options to consider:
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): Installment loans that are paid out in one lump sum. They’re good for:
- Repaying credit card debt
- Remodeling projects
- Buying a new vehicle
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. It's good for:
- Debt consolidation
- Major home improvements
If you're searching for a wonderful Mortgage Advisor who can help guide you through the process to help achieve your desired outcome, please reach out and I'd be happy to share with you recommendations.
In Good Health,
Daniel