A lot of times when people think of home equity, they think of fixing or renovating their house. Did you know you can use that money for things that aren’t house related?
is the difference between the market value of your home and what you owe on your mortgage. Say the market value of your home is $275,000 and you owe $200,000, you would have $75,000 in equity.
A home equity loan pays the loan amount in one lump sum and you pay a fixed amount for the length of the loan. You immediately make principal and interest payments but can use the funds however you wish. A home equity line of credit, on the other hand, allows you to withdraw money when you want it. It’s perfect for when you want access to additional funds but you’re not sure when you’ll need it or how much you’ll want. You’ll only pay when you use the money, so the payment amount will vary.
Home equity loans and lines of credit typically have lower rates than other loans because they’re backed up by collateral: your home! Here are seven ways to tap into your home’s equity that are not related to your home:
Your home is likely your greatest asset, and it should be working for you! Learn more about Home Equity Loans and Lines of credit at mvcu.com/equity.
Category: Home Ownership
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Living the Credit Union motto of “People Helping People” is important to the team at MVCU.
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A lot of times when people think of home equity, they think of fixing or renovating their house. Did you know you can use that money for things that aren’t house related?
