Rates are falling and spring is sprung. Now is a great time to consider home equity for repairs and renovations. A new kitchen, roof, or landscaping could be in your future. 

But that is not all your home equity can do for you. 

Your untapped home equity is an asset. Use it to consolidate debt and improve your credit. An example: A $10,000 credit card balance on a limit of $15,000 is detrimental to your credit twice over. It is a significant amount of unsecured debt, and you are using over two-thirds of your available credit. (It is best to use 20% or less). Consolidating that same amount into a fixed-rate home equity loan restores your available credit and shifts that balance to “good debt”. The balance will then be paid off in a fixed time frame and generally at a much lower rate; saving you potentially thousands of dollars in interest.

Or use your home’s equity to buy out another borrower in case of divorce or separation. A home equity application is typically completed in two to three weeks, may require less paperwork, and can save both parties thousands in closing costs. 

And of course, a home equity line of credit can be tapped for emergencies, to offset the cost of education, to cover medical costs, or to pay for a once-in-a-lifetime trip. Your home’s equity is your wealth. 

Questions? Call and ask about our home equity promotion! 503-588-0211 option 4 or schedule a call here. 

Written by: Elena Christian

Read more mortgage posts:
Back to Basics – Homeownership FAQs
The Steps to Preparing to Buy Your First home – And Why it Matters in the End
Happy Retirement! Now What Can Your Home’s Equity Do for You?