Do you know that you can increase your home’s value by tapping into your home equity with the use of a home equity line of credit? Most homeowners have a ton of renovating and remodeling projects they would like to tackle but are refraining from because of shortage of funds. The thing is, now is the perfect time to use mortgage to finance projects like these because mortgage rates are at record lows while home prices are at an all-time high. Let us walk you through ways you increase the value of your house by using your HELOC aka home equity line of credit or your home equity loan.
Unlock Equity in Your Home
If you’ve been paying mortgage for quite some time, then you have built up quite an equity in your home. This equity can be tapped by refinancing through a home equity loan or a HELOC. You can borrow as much as your 80% of your home’s value without the mortgage and use that money for a dream vacation, tuition, or your much awaited home renovation.
Note that home equity loan and a HELOC are not the same. A home equity loans allow you to borrow a one-time amount with a fixed interest rate that you can pay over a fixed period of time while a HELOC allows you to borrow funds up to a set limit and pay interest only on the amount you borrowed. A HELOC also allows you to borrow again as you pay just like a credit card but using your home equity.
Refinance and Remodel – Increase Your Home’s Value!
Most people remodel or renovate their homes to meet the changing needs of their family but you can totally do the same to increase the value of your property. If your home is outdated, doing this can make staying in your home more enjoyable for you as well as make it easier for you to sell at a later date.
By tackling home remodeling projects using your home equity, you will have the funds to pay for quality. Meaning you will have money to pay contractors to do things right and not try to DIY to save money. You will also be able to maximize your home’s potential and turn it into an investment that you can make money from when you sell in the future.
Apply for a Home Equity Loan and Get Approved!
If you’re planning to do a home renovation to update your home and make it better, we can help at Homebase Mortgages. Our mortgage brokers can connect you with private lenders and help you determine your best options. We will help you evaluate your current situation financially and assist you in finding the best lender to suit your lifestyle and financial needs. Contact us today or at your earliest convenience so we can set up a free consultation and help you with your mortgage application.