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The decision to purchase a home may seem daunting — especially with higher interest rates. However, in spite of fluctuating trends, buying a home continues to offer a multitude of benefits that make it a wise investment.
As a homeowner, you have two powerful tools thanks to all the equity you may have in your property: cash-out refinances and home equity loans. Understanding the nuances of each can empower you to make informed financial decisions and maximize the potential of your home's equity.
Home equity can be a valuable tool for homeowners to use. Let’s explore what home equity is and how you can use it to improve your financial situation.
Not even a year ago, you could refinance your entire mortgage to get cash out of your home’s equity while taking advantage of record low rates. The market is changing and rates are rising, but you still have options to make your home work for you. Home equity loans, also known as second mortgages, are a potential tool that can help you access some of your home’s equity, keep the rate on your existent mortgage, and still achieve your financial goals.
