Homeowners often talk about tapping into their home’s equity to solve various financial challenges. But what exactly is home equity? And if you tap into your home’s equity, how can you use those funds? What is Home Equity? Home equity is the difference between the appraised value of a home and what you currently owe on the house. For example, if your home’s value is $450,000 and you owe $200,000 on a mortgage, your home’s equity will be $250,000. However, you may not be able to borrow this entire amount. Other credit factors and lender limits will determine the…
10 Ways You Can Use a Home Equity Loan
Homeowners often talk about tapping into their home’s equity to solve various financial challenges. But what exactly is home equity? And if you tap into your home’s equity, how can you use those funds? What is Home Equity? Home equity is the difference between the appraised value of a home and what you currently owe on the house. For example, if your home’s value is $450,000 and you owe $200,000 on a mortgage, your home’s equity will be $250,000. However, you may not be able to borrow this entire amount. Other credit factors and lender limits will determine the…