Home Equity: How to Tap Into Your Home’s Hidden Potential | Guiding You Forward

Not all homeowners are aware of the versatility of home equity loans and lines of credit. Luckily, we have JT Trout, director of home equity lending at Mountain America Credit Union, as our podcast guest to give us all the details. If you’re a homeowner, give this episode a watch—your home may hold substantial equity that could make a significant impact on your financial future.

Watch this video and you’ll learn:

• The difference between a home equity loan and a HELOC.

• What requirements you may need to tap into your home equity.

• How to consolidate your debt with a home equity product.

In this podcast episode, JT simplifies the key differences between home equity loans and home equity lines of credit (HELOCs), explaining the pros and cons of both. What is the best path for you to leverage the equity in your home? That all depends on what you want to do with the funds.

Before you apply online or head to the nearest branch, it’s helpful to know what the requirements are to secure a home equity loan or HELOC. JT goes over creditworthiness, debt-to-income ratio and how much equity you have in your home.

Many individuals and families are dedicated to making their monthly payments, yet sometimes they face financial challenges. However, even when unexpected expenses like medical bills, home or car repairs, or family emergencies arise, there are flexible solutions available. A home equity loan or HELOC may be just what you need to consolidate your debt and get back on track financially.

Click the video above to watch the full episode.