Power of Home Equity
If you're a homeowner looking to make a big purchase or consolidate debt, you may have more options than you think. One option is to use your home equity. Your home equity is the value of your home that you own outright, minus any outstanding mortgage payments.
Using your home equity, you can compete with cash offers on a new home, make home repairs to get it ready for sale, pay off debt, or consolidate debt. And, with a 5-day close, you can get the funds you need quickly.
Competing with cash offers on a new home can be challenging, but using your home equity can give you an advantage. With the ability to offer a quick close, you can make your offer more attractive to sellers who are looking for a fast sale. And, with your equity, you can often offer more money than you would otherwise be able to.
If you're looking to sell your home, using your home equity to make repairs can be a smart move. By making necessary repairs, you can increase the value of your home and make it more attractive to potential buyers. And, with the funds available from your equity, you can complete repairs quickly.
If you have high-interest debt, using your home equity to pay it off can save you money in the long run. By consolidating your debt into one low-interest loan, you can reduce your monthly payments and pay off your debt faster.
Overall, using your home equity can be a great way to access funds for a variety of purposes. Just be sure to consider the risks and benefits carefully and consult with a financial advisor or lender to determine the best approach for your situation.
Find out what your home value is here MyHomeValueNM.com
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