The spring season is representative of a fresh start for you, and your financials.
Use Your Home Equity To Explore New Opportunities
Your home equity is the value of your home today, minus the outstanding balance on your mortgage. And while this may seem like nothing more than a simple valuation, the home equity that your home holds is the key to your future financial endeavours, as it is one of your most valuable sources of funding due to your ability to apply for a home equity loan! This is because:
- As the value of your property increases, so does your home equity.
- You’re able to use your property as collateral and its home equity to help you secure larger loans with better interest rates; larger than you’d find with most unsecured loans.
With a strong property value, you are able to qualify for some of the best home equity loans available; and many homeowners are not even aware of how much their home equity has grown by over the years! But if you’re still unsure of how beneficial a home equity loan (or second mortgage loan) can be, here are just a few examples of how homeowners typically leverage the money they receive from home equity loans to start off their spring season.
Debt Consolidation
Home equity loans supply you with the capital you need to pay out any outstanding debts with high interest rates. This may include consolidating multiple high-interest credit card payments, or simply paying off overdraft balances into a single monthly payment or consumer debt loans you’ve been struggling with.
Finance Your Business Endeavours
The money you receive from a home equity loan can help cover the start-up costs for a new business or provide you with the capital to manage your existing business(es). A home equity loan is an easy to secure source of funding for homeowners with all sorts of financial backgrounds — especially when compared to the difficult approval processes and criteria required from traditional lenders, such as most commercial banks.
Property Management
Your home equity can help you find the funding you need to renovate your house, or to help you invest in a new property all together. Regardless, the capital you can receive from a home equity loan can be used to increase the liveability and overall space of your existing or prospective home, all while raising that property’s value.
Ready For A Home Equity Loan?
When used properly, home equity loans provide outstanding returns on investment (ROIs) and just might be the perfect way to supply you with the capital needed to kick-off your spring season. Whether you’re in need of money for more education or simply for a vacation you’ve been thinking of, if you’re a homeowner, just remember that you’re sitting on a gold mine of home equity that’s just waiting to help.
If you’re still unsure if a home equity loan is right for you, be sure to check out our other articles to learn how a home equity loan can benefit you, or get in touch with one of our Leap Financial specialists.
But if you think you’re ready to take the leap, fill out our cost-free zero-obligation form today and find out how much you qualify for!