Determining Equity in a Home

Determining Equity in a Home

 
By determining equity in a home, private lenders will allow you to use the equity in your home as collateral toward a loan or mortgage. Using your home’s equity, you can negotiate a second or third mortgage, refinance your mortgage, secure a loan, or open a home equity line of credit. Any of these moves can help you solve a problem or save money.
 

Refinancing Your Mortgage

 
Refinancing your mortgage can be a savvy financial move, but be sure to contact a private mortgage broker or other licensed mortgage professional with experience in determining equity in a home to make sure that the timing is right for you. Here are some of the reasons you may want to refinance:
  • A lower interest rate can help you save money over time, sometimes a great deal of money.
  • You may wish to move from a variable to a fixed-rate mortgage.
  • Increasing the length of your mortgage loan can make your monthly payments smaller and easier to handle.
  • On the other hand, decreasing the length of your mortgage will accelerate the rate at which you will pay off your mortgage.
  • You may need cash to deal with a financial challenge such as a tax bill or credit card debt, to access funding for home repairs or renovation, or for another purpose such as investment.
Consult with an expert in the field to see how determining equity in a home and refinancing your mortgage can make your life easier!

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