One of the most valuable parts of being a homeowner is the financial power and freedom you get when you build equity. There are many ways to use home equity to your advantage—we’re sharing a few creative ways you can use home equity to reach important goals
If you’re ready for a new place, selling your current home after building up equity could help you get into the home of your dreams.
If your current home could use a little love, consider a cash out refinance. You can use the cash to remodel your kitchen, upgrade your bathroom or make other big renovations that have the potential to add value to your home. You may even be able to afford an addition.
Home equity can be particularly useful if you’re making a lot of monthly payments on high-interest debt. You can refinance or use a home equity loan to consolidate or pay down your debt and reduce the amount you’re paying in interest. In many cases, you can eliminate many monthly debt payments while keeping your mortgage payment close to the current amount.
If you’ve dreamed of starting your own business or are looking for a way to help pay for your kids’ education, a home equity loan could help. It isn’t always the right financial move, but your Loan Officer can help you evaluate your goals and options to decide if it is right for you.
If things are tight, leveraging your home equity to get you through an emergency could give you the jump start you need to get on your feet again.
Home equity can also help you get the funds to invest in other property while you keep your current home. This is a great opportunity to use your equity to build more equity in the future.
Common tools for using home equity are refinance, home equity loans, and home equity lines of credit. Your Loan Officer can help you evaluate your options and find the solution that is right for your unique needs.
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by Primary Residential Mortgage, Inc. NMLS#: 919520 Utah DRE Mortgage Office License # 8335595. MLO 0117736. MC3094-122. All loans subject to credit and property approval. PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
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