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Put Your Home’s Equity In The Palm Of Your Hand!
By Stephanie Primo-Simons
Goodbye Snow Shovels. Hello Hammers. Put Your Home’s Equity In The Palm Of Your Hand!
Spring is a popular time to begin home renovations, but many people have questions about how they can pay for those projects. Home equity loans and lines of credit are currently great funding options to consider with the historic low rates we’re seeing.
Many homeowners still ask “What is home equity?” When you purchase a home and start making payments, you begin to accrue what is called “home equity.” Basically, it’s the difference between the current resale value of your home and the amount still owed on the mortgage. What a lot of consumers don’t realize is that you can very easily make your home equity work in your favor by taking out a home equity loan or line of credit. If you decide to reinvest the money into your property, you will see the benefits to your living situation immediately, while increasing the long-term value of your home.
A home equity loan can be used for a variety of things like purchasing a new car, home improvements and paying off credit card debt, all with a fixed home equity rate. With a home equity line of credit, you can write checks for 15 years after establishing the home equity line of credit, allowing you only to use the money when you really need it. Consult with your tax advisor and see how it can potentially be a tax-deductible way to put your home to work for you.
If you’re looking to make that dream addition to your home or new patio deck a reality, explore the options of a home equity loan or line for financing.
Stephanie Primo-Simons
BankFive’s Stephanie Primo-Simons oversees the consumer lending department. She has 16 years of banking experience at BankFive.
For guidance on helping you decide which is best for you, visit BankFive online at www.bankfive.com or call 774-888-6100 and speak to a specialist.
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