10 Smart Ways to Use Your Home Equity
Home equity is the difference between what your home is worth in the current market and what you owe on your mortgage(s). Borrowing against the value of your home with a home equity loan is a popular and sometimes savvy form of credit.
Why? Because home equity loans generally:
• have lower interest rates,
• give qualified borrowers the freedom to use the money however they choose and
• offer potential tax benefits (consult your tax advisor).
It may be smart to borrow against your home equity
You may be sitting on a cash reserve if your home’s value has risen in recent years. Using a fixed rate home equity loan, you may be able to tap the available home equity to help you meet a variety of needs. It may be a smart source of cash. Here are 10 common reasons for using a home equity loan:
1. Consolidate higher-interest rate consumer debt, like credit cards
2. Pay off a higher-interest rate auto loan
3. Pay off a higher-interest rate RV loan
4. Make those needed home repairs
5. Update the kitchen or make other home improvements
6. Pay those unexpected medical bills
7. Set up college funds for your children
8. Start-up a business
9. Bridge the income gap after a job loss
10. To pay off an existing second mortgage with a new loan with better rates and terms
Ready to put your home equity to work for you?
Countrywide Home Loans, a division of Countrywide Bank, FSB, offers qualified borrowers options for tapping their home equity. Countrywide’s experienced loan consultants can assist you in finding the home equity loan that’s right for you. Call 1-866-436-0620 today for a free, no-obligation loan consultation.
