There are several reasons to tap into the cash from your home and several ways to do it, including a cash-out refi or a line of credit. You can use the cash for a myriad of things, including home improvements, investments, education, large purchases such as a vehicle, or even your retirement fund—it’s your cash, and you can do what you like with it.
You may be wondering what home equity actually is. Equity is the difference between what your home is worth and what you owe. Your equity can increase in a few different ways:
If you have equity in your home, talk to your loan advisor to see how you can convert it into cash today.
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Calculate how much you can afford and determine what your monthly payment will be.