Your Home Equity Can Enhance Your New Year
Looking to add some power to your family finances? The equity in your home could be the answer. Opening an equity line of credit gives you an instant emergency fund as well as access to money for remodels, family vacations, college educations, and any other expenses that could otherwise break your budget. Here are a few ways to put your equity to good use in the new year.
Every family should have an emergency fund. But it’s not always easy to save up enough money to cover six months of expenses. A Rivermark Home Equity Line of Credit gives you access to your equity without an annual fee, which makes it perfect as an emergency account. You only pay interest and make payments on the money you use. Until life catches you off guard, you can let the funds sit in the account.
To Boost the Value of Your Home
When you choose the right remodel or update, you can often add more equity to your home. Some of the biggest equity builders include replacing your front door and garage door, replacing your home’s siding, and sprucing up the kitchen rather than doing a full remodel. All three can have a positive effect on your home’s resale and overall value, including added curbside appeal.
For College Tuition
Even with financial aid, scholarships, and personal savings, college is expensive. Your equity can help pay for tuition, books and more. Use what you need to send your kids, or yourself, to school. Then pay it back over time.
As a Lending Tool
Instead of opening a charge card or applying for a small loan to buy a new wardrobe or refrigerator, use your Rivermark Home Equity Line of Credit. You won’t need to fill out an application and you’ll avoid the confusion that can come with another monthly payment to yet another company or financial institution.
The equity in your home can be an easy way to finance your annual or bi-annual family vacation. By the time you pay off the previous year’s balance, you’ll have the funds available for your next adventure.
As a Tax Deduction
When you use the equity in your home, there is a possibility the interest can be deducted from your overall tax liability. Talk to your tax advisor about your options.
Have Questions About Home Loans?
Our home loan resources page can help you make informed decisions as you prepare to purchase a home or apply for a home equity loan. And, as always, you can call Rivermark and speak directly to a mortgage expert by calling 503.906.9497.