Cornerstone Bank can help you make the most of the equity in your home. Tapping into your home’s equity is a great way to access funds for a variety of needs. Your home equity line of credit allows you to borrow money using the equity in your home as collateral. It’s a flexible, valuable consumer loan that allows you to borrow money when you need it, without having to apply for new loan every time you need money.
What would you do with the cash equity in your home?
Use the equity in your home for renovations or repairs to improve the quality of your home. You may wish to put on an addition, build a deck or spruce up your landscaping. Some home improvements may lower your utility bills or increase your property’s value, such as energy-efficient upgrades or updating your kitchen.
If you use your home equity for debt consolidation, you may save on interest if you pay at least the same amount toward your new, lower-rate interest loan versus a higher-rate interest loan. Consolidating debit from multiple credit cards or installment loans into a single loan will also provide you the benefit of consolidating multiple payments into a single monthly payment.
If you or your children are heading off to college, a home equity line of credit can help you manage the costs of tuition, books and room and board. The rates on a home equity line of credit are often lower than Personal or Student Loans and may allow you to invest in the future.
You can quickly access money when times get tough and you need to cover unexpected expenses—your home’s equity can be your safety net.
*Consult with a tax or legal advisors before making any financial decisions; the information provided is not intended for financial or investment advice. Not all upgrades increase your home’s value; consider the project cost, interest, and potential impact on your home’s worth. If consolidating debt, any unsecured debt is turned into secured debt. It is important to compare interest rates and repayment options.