How do you get cash out using the equity in your home?
If you’ve been paying down the principal balance on your mortgage, or if the value of your home has appreciated, then you may be able to tap into a portion of your accumulated equity. You have two choices for cashing out using your home equity:
1. Getting cash out with a home equity loan.
With a home equity loan, you borrow against a portion of the available equity in your home—if the remaining principal you owe on your home is only a portion of its current value. A home equity loan gives you a lump sum when the loan closes. You’ll receive the entire amount of your loan at one time.
2. Getting cash out with a home equity line of credit (HELOC).
A home equity line of credit, or HELOC, gives you a line of credit to draw from as needed during a permitted draw period, generally 10 years. Typically, you can use as little or as much as you like, up to the maximum limit of your credit line.
Do you qualify for a home equity loan or HELOC?
Give us a call at 866-612-5050, or email us to arrange a free consultation today. A Guarantee Loan Advisor experienced in helping homeowners use the equity in their homes will be glad to explain your options.