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Ways to Use the Equity In Your Home
Your Outline Financial Team.
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Once you’re a homeowner, the payoff can be great. When you make a mortgage payment each month, you build equity in a place of your own. As the equity in your home grows, your financial flexibility also increases. Think of it as an extra source of financing for when the unexpected happens.
An added benefit of borrowing money against the equity in your home, is it usually comes with a lower interest rate than other forms of credit, such as consumer loans, lines of credit and credit cards.
Here are some ways you can use the equity in your home:
Pay off other debts with higher interest rates (like credit card debt)
Renovate or repair your home – build a new room or put in a swimming pool
For important life events – a wedding, dream vacation or university tuition
Purchase a second home or vacation property
Emergencies – like a serious illness
If you have any questions, or would like to know more about how you can access the equity in your home, please don’t hesitate to contact us at any time.