Revealed Pulling Hidden Home Equity for Big Wins

Ways to Access Home Equity

There are several methods to access your home equity, each with its own benefits and considerations:

• Home Equity Loan: This option allows you to borrow a lump sum against your equity, typically with a fixed interest rate. It's ideal for large, one-time expenses such as major home renovations or paying off high-interest debt.
• Home Equity Line of Credit (HELOC): Unlike a home equity loan, a HELOC provides you with a credit line that you can draw from as needed, similar to a credit card. It often comes with a variable interest rate and is suitable for ongoing expenses or projects.
• Cash-Out Refinance: This involves refinancing your existing mortgage for more than you owe and taking the difference in cash. It's a popular choice when interest rates are lower than your current mortgage rate.