First off, what is home equity? Home equity is the difference between your home's value and the amount you still owe. Homes, unlike cars or boats, naturally gain equity over time, especially if you, the homeowner, do any sort of work on it to increase the value.
If you’re looking for some extra cash for one reason or another, you’re probably discovering that there are a variety of loan types out there, including one called a home equity loan.
Summer marks a great time for making home improvements. Whether it’s a remodel or you’re just making small fixes here and there, we’ve got some tips on how you can improve your home smartly and cost-effectively.
For many, obtaining and managing a loan can seem cumbersome, no matter how necessary. The application and approval process can take a significant amount of time. Paying off your loan can seem far away in the future. And taking out a loan sometimes means you’re adding to already existing debt.
Your home is your biggest asset. Memories have been made there, investments have been undertaken, and time and energy have been put into making it what it is today.
With summer approaching, many homeowners have remodeling projects on the brain, and that includes the financial side of making improvements to your home. If you’re in the process of planning a major project, you may have realized you’ll need some extra cash to make it happen.
With spring approaching, home-related spring cleaning and repairs are on the docket for many homeowners. As you gear up for your upcoming home improvements, questions regarding home equity lending may arise.
