Having equity in your home takes commitment and hard work. So, if you own a home and need an infusion of cash, whether to pay down some debt, add an addition to your home or to help your kids buy their first home, consider using the equity you have in your home.
Home equity can be a great source of value for you to access cash for renovations, large purchases, or alternative debt repayment.
Home equity loans and lines of credit are secured against the value of your home equity. Based on this, lenders may be willing to offer rates that are lower than most other types of personal loans.
A home equity loan comes as a lump sum of cash, often with a fixed interest rate.
A home equity line of credit, or HELOC, is a revolving source of funds, much like a credit card, that you can access as you choose.
As home equity loans and lines of credit usually have a lower interest rate than other types of loans, they are a great o while providing you with access to credit option for unexpected expenses or home improvement projects.
If you are interested in a home equity loan or a home equity line of credit, Shelby can walk you through the specifics of these mortgage products and help you get the right funding for your needs.