What does your house do for you? Well a good house can provide:
These are all textbook aspects of a house, but it can do more. Your house can alleviate your debt, help you pay for a child's college or provide you with cash for any scenario.
How does your house provide you with cash? Home equity loans. Home equity loans allow you to borrow against the value of your house. This will take into account how much is left on your mortgage and the current value of your house. For example:
If you bought a house for $150,000 and have paid off $50,000 already, then you are able to borrow up to $100,000 with your home equity loan. If that same house gets reappraised at $250,000, then you can get a $200,000 loan. You can take this money out in one lump sum, or you can get a home equity line of credit that lets you borrow against that amount much like a credit card.
Home equity loans are very popular because they maintain a very low interest rate. This means lower auto insurance online monthly payments then when you take out traditional loans. Think of what you could do with all that money. Somme of the most popular uses for home equity loans include:
Just remember, you home allows you to have access to large amounts of cash. What are you waiting for? A home equity loan could solve all your money problems.
Good Rate Loan is here to help you find good home equity loan rates. We are not a lender, but we will match you with a home equity lender that is right for you. All you have to do is fill out some basic information and you are on your way!
Prepare yourself for a home equity loan.