Have you been in your home for some time? Are you making payments on debts like credit cards or personal loans? You may be sitting on a powerful tool to control your financial future.
How Does It Work?
The premise is simple: if you’re paying higher interest on your personal debt than you are on your mortgage loan, you can use your equity to pay off those debts and extend the size of your mortgage loan, eventually paying off that personal debt at the rate of your mortgage loan at substantial savings.
Further, if you’re interested in taking on debt for a purchase such as a home renovation, a vacation, or big purchase like an engagement ring, you can use the equity in your home for these purposes.
Does Using Your Equity Make Sense?
Using the equity in your home may make sense if you have significant personal debt outside of your mortgage loan, or are considering taking on personal debt.
Our mortgage loan experts are here to help you explore your options. Give us a call to talk through it today.