Maximize Your Home’s Equity for Financial Flexibility | Guiding You Forward
In today’s market, where home values are soaring, understanding your home equity options is essential. Tune in to our podcast to explore why now may be the right time to consider a home equity loan or line of credit.
Are you maximizing the power of your home? JT Trout, director of home equity lending at Mountain America Credit Union, sits in on the podcast and offers insights on how to leverage the equity in your home to better your financial situation.
Navigating the complexities of equity and credit can be overwhelming. But in today’s market, where home values are soaring, understanding your options is essential. Whether you’re planning to renovate, upsize or even cover emergency expenses, tapping into your home’s equity could be the smart money move you need.
In this episode, you’ll discover:
Why now is a good time to consider tapping into your home’s equity
Key differences between a home equity loan and a home equity line of credit (HELOC)
Helpful uses for home equity
In this environment of higher interest rates, the good news is that home values have skyrocketed—which means many people have a significant amount of equity in their current home. If buying a new home isn’t in the cards, now may be the best time to consider a HELOC or home equity loan. JT explains how these flexible financing options can help you manage your expenses without overwhelming your budget, and it may just be the key to making your dream home a reality!
If you’re interested in utilizing the equity in your home, you have options. Two of the most common are a home equity loan and a home equity line of credit. JT clarifies the difference and why you may want to choose one over the other. He also shares some of the roadblocks to watch out for that could throw you off track on your journey.
One of the most common uses of home equity products is home renovation. With higher rates and increasing home prices, many homeowners are opting to update their current home. “[Some homeowners] can’t necessarily move on to the bigger house they want,” JT says. “So now it’s time to make the house they are in what they want it to be.” But renovations aren’t the only way to use a home equity loan or line of credit. Watch the full video for more possibilities.
At Mountain America, we are committed to helping you make informed decisions that align with your budget, lifestyle and financial goals. Contact us today to explore how to maximize your home equity!
Related Articles
