Home Equity is the portion of your property that you truly own, this can be calculated simply by subtracting the amount of money you owe from the current value of you home. This amount is referred to as equity, and is considered an asset. There are several ways that you can put this asset to work!
Buy a new Home or Buy a second home at the Beach! You can use the equity you have accumulated in order to buy a new home. We have many ways of doing this, it can allow you to use the equity for down payment with or without selling you current home.
Make home Improvements! Whether you are staying in your home or just want to upgrade that kitchen or bathroom, you can use your equity to accomplish this with little or no impact on your current payment. Some clients choose to do this so they can sell their home for a premium as well!
Consolidate your high interest debts! When those bills come in, look at your credit cards statements and see at what the actual interest rate is, this may shock you. You can consolidate those debts into a lower payment and make your payments more manageable and pay those bills off! This can also increase you credit score making buying a new home much easier.
Refinance your Current Loan! Now that your home has increased in value, the equity you have gained should allow you to eliminate, mortgage insurance, qualify for a better interest rate and lower your payment!
Every situation is different, call or email Chris or Bob if you would like a personalized analysis of what would be the best option for you.
Chris Conlon firstname.lastname@example.org 704-609-5017
Bob Parm email@example.com 704-778-2603