Home equity is the most significant source of wealth for many homeowners. Find out how to make your home equity go to work for you.
Once you purchase a home and begin making payments, you immediately begin building equity. Of the 69% of U.S. households who own their own homes, 24.7% have accumulated 100% equity.*
Your home is the most valuable asset you may ever own. Usually, it is an untapped resource that can be used to your benefit. Non-traditional refinancing products allow homeowners to lower their monthly mortgage payment and borrow money to strengthen their financial position.
Cash-out (or "equity release") refinancing allows homeowners to refinance their existing mortgage and receive a portion of their equity back, to use for such things as remodeling, consolidating higher-interest debts (such as credit cards or loans), or investing money in places that may offer a higher return.
Tomorrow, I'll tell you more about these types of programs.
*Source: 2005 Census Bureau and HUD figures.
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