Are you’re thinking about undertaking that long-planned home renovation, dreaming about that great vacation, or wanting to pay off your credit cards? Maybe you want to start planning for your children’s future education?
A mortgage refinance may be your best option.
What is equity?
As home values increase and mortgage principal gets paid down, your equity grows. That equity is an ideal resource to create greater financial security. Using existing equity to renovate your home, for example, is an excellent way to add value, and, in many cases, renovating is a better alternative than moving. Spending on renovations has exceeded spending on new construction since 2011, and the trend looks to be increasing.
How do I access equity?
There are many ways to sensibly access your home’s equity. For example, a secured line of credit has the most flexibility: you pay interest only on the amount you use when you use it. Refinancing your mortgage is another option that allows you to take advantage of low interest rates while accessing your equity.
What should I do next?
Working with a Mortgage Alliance professional will provide you with choice, convenience, and counsel you need to select the best solution for your needs. We work with many lenders to get you the best rate, best term and the features you want so you can use the equity in your home. It’s just one way we can get your mortgage working for you!